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Evening markets: bargain hunters close in on beans

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Soybeans retook their place at the top of the pile in Chicago as investors began to view the crop's recent weakness as a buying opportunity.

The rescue of CIT, the troubled US lender, put a bit of fizz into many financial markets, including equities, while sending the dollar lower.

The greenback, which investors have come to regard as a safe haven, lost 0.9% against the euro to $1.4220 – good news for the price of dollar-denominated commodities, making them cheaper to acquirers paying in other currencies.

New York crude for August was $0.25 higher at $63.81 a barrel at 17:50 GMT.

Strong rebound

Soybeans made ground too, soaring 2.3% to $10.32 ¾ a bushel for August delivery, as buyers wondered whether last week's sell-off had not been overdone.

Beans slumped to a three-month low last week on news that China was to start selling off some of its huge stockpiles of the oilseed.

Still, with traders questioning whether the sale is too high priced to make much of an impact on the global soybean market, and with US stocks heading for their lowest since the 1970s, investors have begun to dip their toe back into the market.

Monday's gains took soybean's rebound from its low last Thursday to more than 10%.

Grains struggle

Corn was not so blessed, however, amid benign weather for the important pollination season for the US crop.

Chicago's July contract added 0.25 cents to $3.22 ½ a bushel.

Wheat was also, narrowly, in negative territory, off 0.5 cents at $5.41 ¼ a bushel, as profit-taking weighed following the grain's strong recent run.

Still, that was better than the performance of contracts in Paris, where wheat for August delivery ended E3.00 lower at E137.00 a tonne, thanks in part to the stronger euro, as well as the prospect of competition from higher Kazakh exports.

Taste for sugar

Among softs, cocoa's rise is reported elsewhere on Agrimoney.com. But sugar was also in demand, with New York raw sugar for October adding 2.7% to 17.76 cents a pound, putting itself within striking distance of the three-year high asset earlier this month.

London white sugar for October did manage a three-year high, closing up 2.3% at $468.8 a tonne.

Sugar has been helped by the prospect of India, the world's biggest consumer, being unable to meet domestic demand for a second year

New York orange juice also closed at a fresh 10-month high – just – adding 0.1 cents to 103.60 cents a pound for September delivery.

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