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

Morning markets: beans pause for breath

Twitter Linkedin

Soybeans sat back and admired the view on Friday, within arm's length of their six-month high, allowing wheat to take the lead on what has opened a quieter day.

With many Asian markets closed for May Day holidays, Chicago contracts had less in the way of stimulus for other financial markets. They had already had plenty of time to react to palm oil's seven month closing high in Malaysia on Thursday, as well as, for that matter the Chrysler bankruptcy.

The carmaker's implosion continued to have some impact on oil markets, with New York light crude off $0.14 at $50.98 a barrel and Brent $0.16 down at $50.64 a barrel at 06:30 GMT.

Still, Japanese shares closed 1.7% higher at their highest finish in four months, taking their cue from European brethren, which made strong gains on Thursday, rather than US stocks, which ended a touch weaker.

Mixed weather

Wheat investors at least had the incentive of mixed weather forecasts for the US Plains region, where farmers attempting to plant spring wheat have been struggling with axle-high mud and washed away roads.

Chicago May wheat was 2.75 cents higher at $5.27 a bushel, with July wheat up 7.5 cents at $5.44 a bushel and September wheat adding 6.5 cents to $5.69 ¾ a bushel.

Corn was mixed, with the bullish prospect of on-off rains for Midwest planting clashing with the bearish backdrop of ethanol curbs in California, which many fear may follow the showers west.

May corn was down 0.25 cents at $3.96 ¼ a bushel, with July and September both up by 0.25 cents, to at $4.03 ¾ a bushel and $4.12 ¾ a bushel respectively.

However, the prospect of hampered corn plantings is being considered bearish for wheat. As soybeans can be planted later than corn, farmers giving up on cobs may go for beans.

Soybeans for this month's delivery lost 3 cents from their six month high to $10.67 ¾, with July off 1.5 cents at $10.53 ½ a bushel and August off 2.75 cents at $10.20 ¾ a bushel.

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