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Morning markets: fair weather keeps lid on crops

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Crops headed off for another slow start, sapped by the absence of weather scares, and of Chinese buyers of US soybeans.

External markets were in better shape, helped by a rebound in Shanghai stocks, which stood 5.0% higher at 06:15 GMT, as fears over lending constraints waned.

That, and Wednesday's data showing a decline in crude stocks, helped oil out of its shell. New York crude for October stood $0.61 higher at $68.66 a barrel, albeit nearly 10% down from last week's high.

'Generally favourable conditions'

But there was less joy on crop markets, which remained sapped in part by increasing prospects of bumper US crops, with weather forecasts remaining benign.

Meteorlogix's verdict on Midwest soybean weather was: "Generally favourable conditions for pod setting and filling soybeans, with adequate rainfall in most areas.

"Cool weather further delays development early this week, but it will warm up later this week."

It was even better in Canada too, where farmers are getting to grips with a late spring wheat crop.

"Spring wheat should benefit from warmer temperatures and less rainfall during this week," Meteorlogix said.

There appear little prospect of the frosts that would damage yields and tighten crop markets.

China buying

Soybeans had the extra headwind of a dearth of Chinese purchases to deal with, after a strong buying spell towards the end of August.

That sent September beans lower again, down 2.5 cents to $10.07 ½ a bushel, although trading volumes were minimal.

The better-traded November contract added 8.25 cents to $9.59 ¼ a bushel.

Corn was unchanged for December, at $3.19 ¼ a bushel, but 0.5 cents higher to $3.13 ¾ a bushel for the September contract, which remains relatively liquid.

As, indeed, was September wheat, which lost 0.5 cents to $4.56 ½ a bushel, while the December contract added 0.25 cents to $4.85 ¾ a bushel.

Palms slips again

In Kuala Lumpur, palm oil remained out of sorts, remaining under pressure from weaker soybeans and lower Malaysian exports.

Benchmark November palm oil closed the morning session on the Bursa Malaysia Derivatives Exchange down 7 ringgit at 2,238 ringgit a tonne.


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