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SINGAPORE, Dec 21 (Reuters) – Chicago soybean futures gained more ground on Wednesday, with lack of rains in Argentina underpinning the market, although slowing U.S. sales to China limited gains.
Wheat rose on concerns over crop damage in the United States.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 rose 0.2% to $14.81 a bushel, as of 0118 GMT, wheat Wv1 added 0.4% to $7.53-1/2 a bushel and corn CV1 gained 0.2% to $6.53 a bushel.
* Rains in parts of Argentina’s corn and soybean growing areas over the weekend have boosted crop prospects, but the world’s leading exporter of processed soy has been hit by a historic drought that has prevented many farmers from planting.
* Brazil, the world’s biggest soybean exporter, is far less impacted by dry conditions, and is expected to begin harvesting soybeans by late-January.
* China’s November soybean imports from the United States fell 6.9% from a year earlier, data showed on Tuesday, after low U.S. river levels slowed shipping of beans to ports for export.
* The world’s biggest soybean buyer, China, imported 3.38 million tonnes of the oilseed from the United States last month, down from 3.63 million tonnes a year earlier, according to the General Administration of Customs.
* For wheat, temperatures in the United States dropping well below freezing could damage winter wheat crops in parts of the Great Plains that haven’t received protective snowcover.
* Ukraine’s Danube river ports have boosted grains transshipments by 42 times to an all-time high of 6.1 million tonnes so far in 2022, Ukraine’s seaport authority said on Tuesday.
* Commodity funds were net buyers of CBOT soybeans, soyoil, corn, wheat and soymeal futures contracts on Tuesday, traders said. COMFUND/CBT
MARKET NEWS
* U.S. stocks closed higher on Tuesday in a modest reversal of a four-day sell-off, but the greenback lost altitude and bond yields jumped in the wake of an unexpected policy pivot from the Bank of Japan (BOJ). MKTS/GLOB
DATA/EVENTS (GMT)
0500 Japan Chain Store Sales YY Nov
1500 US Consumer Confidence Dec
1500 US Existing Homes Sales Nov
(Reporting by Naveen Thukral)
((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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