Linked In
News In
Linked In

You are viewing your 1 complimentary article.

Register now to receive full access.

Already registered?

Login | Join us now

Morning markets: dollar comes to crops' aid

Twitter Linkedin eCard

Crops put on a braver face, helped by a retreat by the dollar, which provided some distraction from the concern over weather forecasts.

The greenback lost many of the gain made on Monday, when concerns over the forthcoming US interest rate decision and G20 meeting triggered a return to a currency viewed as a safe haven.

The retreat reflected long-term expectations of a weaker dollar, which encouraged traders to book profits on long positions, dealers said.

A softer dollar makes dollar-denominated assets such as crops cheaper to foreign buyers.

Warmer temperatures

Meanwhile, weather forecasts failed to show much hope of a US freeze, fears of which sent crop prices flying a week ago.

Temperatures will be "above normal" this week, Meteorlogix said, adding that conditions were "generally favourable for pod setting and filling soybeans, although more rainfall would benefit in some double-cropped areas".

Soybeans for November added 3.25 cents to $9.16 ¾ a bushel at 06:45 GMT, albeit not before coming within 1% of last week's pre-frost-fear low.

December corn was 0.25 cents higher at $3.16 ¼ a bushel, looking to break a trend of four successive negative closes.

December wheat 2.5 cents higher at $4.58 ½ a bushel.

Kuala Lumpur's Bursa Malaysia Derivatives Exchange is closed on Tuesday for a public holiday.


Twitter Linkedin eCard
Related Stories

Evening markets: Soybean futures gain, cotton prices jump on US data

Initial USDA forecasts for crop supply and demand for 2018-19 lift soy and cotton prices, but are not so well received in the cotton market

Weekly grain market view from Europe, February 23

EU cold snap could damage crops... UK market prices in closure of Vivergo ethanol plant... Rising Russian wheat prices...

Evening markets: Argentine moisture slips up soymeal rally. But weather revives wheat

Meal futures dip, a little, for the first time in 12 sessions. But wheat futures gain, as drought spreads in Kansas, and cold reaches Europe

Morning markets: Ag futures ease, as traders await key 2018 forecasts

US officials will later on Thursday issue the first of a series of forecasts for US crops in 2018-19. Markets are cautious in the mean time
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 AgriBriefing Ltd
Agrimoney Ltd is registered in England & Wales. Registered number: 09239069