RSS
Twitter
Linked In
News In
Markets
Linked In
RSS
https://twitter.com/Agrimoney
http://www.newsnow.co.uk/h/Industry+Sectors/Agriculture

You are viewing 1 of your 2 complimentary articles.

Register now to receive full access.

Already registered?

Login | Join us now

Evening markets: 'aggressive' buying boosts beans

Twitter Linkedin

Soybeans and cocoa partnered in setting nine-month highs on a better day for food commodities, helped by a trinity of stronger crude, a weaker dollar and fund buying.

"Old crop beans and meal are on fire, rocketing sharply higher and pulling the rest of the floor with them," Vic Lespinasse, GrainAnalyst.com's Chicago market watcher, said, noting a dearth of sellers and "outright, aggressive speculative buying".

"Stay long beans and meal," he added.

Chicago's July soybean contract stood 2.4% higher at $12.75 ½ a bushel at 16:15 GMT, having hit a fresh nine-month high of $12.81 ½ a bushel earlier.

Corn on form

Wednesday's official data, showing US bean stocks heading for a 32-year low, continued to be a rallying point.

But a climb in oil well above $72 a barrel also helped, as did a weaker dollar. The euro added 0.9% against the greenback to $1.41.

That ensured that other Chicago crops also gained, with corn adding 1.6% to $4.42 ¾ a bushel and wheat up 0.4% to $5.98 ½ a bushel.

Weekly export sales data were seen as positive for both crops too, totalling 354,000 tonnes for wheat and 863,000 tonnes for corn.

Sweet and sour

Among softs, cocoa maintained its knack for standout performances – this time for reaching a four-month high.

New York's September contract added 2.2% to $2,848 a tonne, the best close for second contract since late August last year.

Fund buying, combined with thoughts that the market's prospects will be improved by rising economic hopes, has been reported as the main reason for cocoa's strength.

Other New York softs were not quite so impressive, with sugar managing only a 0.02 cent rise to 15.40 cents a pound and coffee up 0.8 cents at 133.25 cents for September delivery.

And July juice fell for an eighth successive day, losing 0.7 cents to 84.35 cents a pound, 11% adrift of its recent high at the start of the month.

Prices have been hurt by heavy rains in Florida, America's biggest citrus producing state, where drought had looked likely to hurt output.

Twitter Linkedin
Related Stories

Evening markets: South American double whammy brings ags back down to earth

Ags lose early gains, undermined by a tumble in Brazil’s real, and falling rain in Argentina. Still, wheat futures remain in positive territory

Can cotton prices extend their rally?

History suggests futures will not stay long in the 70s cents a pound. So which way will they trend?

Morning markets: Hard wheat regains premium over soft, amid US dryness worries

Kansas City wheat outperforms, as Plains precipitation worries extend to a dearth of snow cover. But Kuala Lumpur palm oil hits a 16-month low

Evening markets: Ags gain, as funds begin to get that year-end festive mood

Ag prices recover, helped by the likes of more positive comment on US export competitiveness, and some more negative talk on Argentine rains
Home | About | RSS | Commodities | Companies | Markets | Legal disclaimer | Privacy policy | Contact

Our Brands: Comtell | Feedinfo | FGInsight

© Agrimoney.com 2017

Agrimoney.com and Agrimoney are trademarks of Agrimoney Ltd
Agrimoney is part of the Briefing Media group
Agrimoney Ltd is registered in England & Wales. Registered number: 09239069