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: soybeans rise and shine

Twitter Linkedin eCard

Commodities woke up in a better mood on Thursday, helped by a weak dollar, stronger oil and renewed supply concerns about soybeans, which dragged other grains up with it.

"The grains are really benefiting as we have a little bit of weakness in the US dollar and also oil prices are rebounding today," Toby Hassall, an analyst at Commodity Warrants Australia, told Reuters.

Soybeans were benefiting from reports of stockpiling by China. "There is no indication that demand is waning," Mr Hassall said.

The Buenos Aires grains exchange further improved sentiment by cutting its estimate of Argentina's drought-plagued 2008-09 soy crop to 37m tonnes, 2.4m tonnes below its last projection and 9.2m tonnes below last year's production.

Chicago soybeans for May delivery stood 10.5 cents higher at $10.45 ½ a bushel at 07:15 GMT.

Follow the leader

May wheat added 5.25 cents to $5.20 1/4 cents a bushel, despite continued forecasts of favourable planting weather for US spring wheat, as investors considered two successive days of decline had punished the contract enough.

Corn took on 3.5 cents higher, although, with planting conditions also looking favourable in US corn areas, it remained well off the $4-a-bushel mark at $3.88 a bushel.

The positive influence of soybeans also stretched to Malaysia, helping palm oil get back on its feet as investor attention switched from the June to the July contract. July palm oil was 26 ringgit higher at 2,424 ringgit a tonne.

Outside agriculturals, oil made ground on hopes of US economic revival, with New York crude for may deliver up nearly 1% at $49.73 a barrel and Brent adding 0.6% to $52.75 a barrel.

Twitter Linkedin eCard
Related Stories

Brokerage forecasts for Friday's US Cattle on Feed report

The consensus estiamte is for a gain in the feedlot herd last month. But that disguises a wide range of forecasts for the placement number

Morning markets: Malaysia tax move takes wind out of palm oil's sails

Still, elsewhere in oilseeds, soybeans extend their recovery on revived Argentina dryness worries. Even wheat manages headway. But what will data alter show?

Evening markets: Acreage data overshadow grain markets. But cocoa heads higher

Soyoil and soymeal complex gains, helped by Argentine weather and US biofuels talk. But corn, soybeans and wheat struggle as key data hit the radar

Millennials drive Louis Dreyfus campaign to become 'more than a merchant'

LDC throws further light on a sector shake-up which has already this week seen ADM unveil a revamp, while Cargill declared traditional crop trading "over"
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