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SINGAPORE, Feb 7 (Reuters) – Chicago soybean futures inched higher in early Asian trading on Tuesday, as harvest progress slowed in top exporter Brazil due to continued heavy rains in key producing regions.
Wheat gained on reports of a fall in shipments from Ukraine, the world’s fifth largest exporter of the grain, while corn edged lower.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.2% at $15.24-1/4 a bushel, as of 0153 GMT.
* Wheat Wv1 gained 0.1% to $7.50-3/4 a bushel and corn Cv1 gave up 0.1% to $6.78-1/4 a bushel.
* Brazilian farmers have harvested more than 14 million tonnes of soybeans so far in the 2022/2023 season, Adriano Gomes, an analyst at agribusiness consultancy AgRural, told Reuters by telephone on Monday.
* The volume, which would be greater had it not been for rains disrupting the work of harvesters, represents Brazil’s oilseed production after machines cleared 9% of the country’s planted area, according to AgRural data released earlier in the day. Last season, farmers would have reaped 16% of their soy fields in Brazil by now, AgRural said.
* Ukraine has exported almost 27.7 million tonnes of grain so far in the 2022/23 season, down from the 39.2 million tonnes exported by the same stage of the previous season, agriculture ministry data showed on Monday.
* Russian wheat prices fell last week as a record harvest and record wheat stocks helped keep supplies high, analysts said on Monday.
* U.S. farmers are planning to boost corn acreage in 2023, eyeing lower prices of fertiliser needed to grow the crop and hoping for a bumper crop after a late season drought withered last year’s grain harvest and left U.S. corn supplies near a decade low.
* Commodity funds were net sellers of Chicago Board of Trade soybean, soymeal and wheat futures contracts on Monday, traders said. The funds were net buyers of corn and soyoil futures, they said. COMFUND/CBT
MARKET NEWS
* Asian share markets stabilised somewhat after steep losses in the past 24 hours, while the U.S dollar remained elevated as investors considered the prospects interest rates would remain higher for longer in many developed economies. MKTS/GLOB
DATA/EVENTS (GMT)
0030 Australia Trade Balance G&S (A$) Dec
0330 Australia RBA Cash Rate Feb
0700 Germany Industrial Output Dec
0700 UK Halifax House Prices Jan
0745 France Reserve Assets Total Jan
1330 US International Trade $ Dec
1700 Federal Reserve Chair Jerome Powell participates in interview hosted by the Economic Club of Washington
(Reporting by Matthew Chye; Editing by Subhranshu Sahu)
((Matthew.Chye@thomsonreuters.com; Mobile: +65 91552300))
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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