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SINGAPORE, Sept 7 (Reuters) – Chicago soybean futures lost more ground on Wednesday, with expectations of a record U.S. production and higher South American planting weighing on the market sentiment.
Wheat and corn prices slid for the first time in three sessions.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 lost 0.5% to $ 13.92 a bushel, as of 0007 GMT. Wheat Wv1 fell 0.2% to $8.15-1/4 a bushel and corn Cv1 gave up 0.6% to 6.72-1/4 a bushel.
* Forecasts of a record U.S. soybean crop are weighing on prices, as farmers prepare for harvesting their crop.
* Weekly condition ratings for U.S. corn and soybean crops held steady in the latest week, the U.S. Department of Agriculture said on Tuesday, bucking analyst estimates for a decline as dry conditions gripped portions of the western Midwest.
* In its weekly crop progress report, the USDA rated 54% of the U.S. corn crop and 57% of the soybean in good to excellent condition, unchanged from a week earlier.
* Favourable early projections for Brazil’s next soybean and corn crops were adding pressure on Chicago futures.
* Argentine soybean farmers registered 268,000 tonnes of sales during the last week of August, according to agriculture ministry data released on Tuesday, as the country expects the pace of sales to increase as new incentives kick in.
* Russia on Tuesday questioned a U.N.-brokered deal with Ukraine to boost grain and fertilizer exports by both countries, accusing Western states of failing to honor pledges to help facilitate Moscow’s shipments.
* Commodity funds were net sellers of CBOT soybean, soyoil and soymeal futures contracts on Tuesday, traders said. The funds were net buyers of CBOT corn and wheat. COMFUND/CBT
MARKET NEWS
* Global stock markets were mostly lower on Tuesday while benchmark U.S. Treasury yields jumped to their highest levels since June as a U.S. services industry report underscored expectations the Federal Reserve will need to keep hiking interest rates. MKTS/GLOB
DATA/EVENTS (GMT)
0130 Australia Real GDP QQ, YY SA Q2
0300 China Exports, Imports YY Aug
0300 China Trade Balance Aug
0600 Germany Industrial Output MM July
0600 Germany Industrial Production YY SA July
0600 UK Halifax House Prices MM, YY Aug
0645 France Reserve Assets Total Aug
0900 EU GDP Revised QQ, YY Q2
1230 US International Trade July
1800 US The Federal Reserve issues the Beige Book
of economic condition
(Reporting by Naveen Thukral; Editing by Rashmi Aich)
((naveen.thukral@thomsonreuters.com; +65-6870-3829; Reuters Messaging: naveen.thukral.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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