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Morning markets: dollar comes to crops' aid

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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.


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