Linked In
News In
Linked In

You are viewing 1 of your 2 complimentary articles.

Register now to receive full access.

Already registered?

Login | Join us now

Evening markets: beans mixed despite upbeat data

Twitter Linkedin

Soybeans proved Chicago's best-behaved crop on Thursday, supported by upbeat data as well as the prospect of the Argentine farmers' strike, while a forecast of rising inventories depressed the big grains.

Argentine farmers, angry at the government on issues ranging from export levies to a veto of tax concessions for drought-hit growers, will on Friday begin a one-week strike, putting crop and cattle sales on ice.

So much was known. What was unknown was the US Census Bureau data on soybean use by American crushing plants last month. At 129.4m bushels, this came in ahead of investors' forecasts.

Weekly export sales data was viewed as helpful too, at 88,000 tonnes for old crop soybeans and 1.97m tonnes for the new crop.

China factor

However, headway was slowed by the apparently limitless benign weather the US crop is enjoying, meaning a strong harvest and weaker market dynamics.

Corn and wheat did little to help, heading lower after the International Grains Council said that global grain stocks would rise in 2009-10 to an eight-year high. It had been forecasting a decline in inventories.

External markets were weaker too, amid some renewed jitters over economic recovery, notably in China, where shares closed lower again, albeit by a relatively modest 0.7%. US stocks fell too.

Against that background, and with profits to be taken from a recent strong run, headway for soybeans might have been more difficult than on more upbeat days.

September soybeans were 14.75 cents higher at $11.05 ¾ a bushel at 18:00 GMT, while the better-traded November contract dipped 2.5 cents to $9.95 a bushel.


Twitter Linkedin
Related Stories

Evening markets: Ags poop party lifting other commodities, shares

Wheat futures set another contract low, while arabica coffee hits its weakest close but one in 19 months, despite buying in other asset classes

December makes poor stab of bringing festive cheer to ag bulls

This might have been the month when grain prices began a "breakout", higher. Instead, ag prices are hitting their lowest in at least 26 years

Morning markets: Wheat futures set fresh contract low

... dragging on the corn market, amid selling ahead of a key US report. The Argentine weather outlook depresses soybean prices

Weekly grains market view from Europe

Ethanol plant shutdown, in face of "government inaction", could boost UK wheat supplies... of which relatively little is of milling grade... Spanish dryness...
Home | About | RSS | Commodities | Companies | Markets | Legal disclaimer | Privacy policy | Contact

Our Brands: Comtell | Feedinfo | FGInsight

© 2017 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