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US Wheat and corn move up (24 Feb 2012)

Posted by Flora Sawita Labels: Futures Corn, Futures Soybeans, Futures Wheat

US wheat and corn futures rose on Wednesday, finding support after an early drop on technical buying when prices for both commodities hit 50-day moving averages, traders said.

Soyabean futures also rose, pushed higher by a spate of buying late in the session and spillover strength from the gains in corn.

Soyabeans traded lower for much of the day due to concerns that China, the world's top purchaser of soyabeans, may be forced to slow its imports amid signs of strain to the world's second-largest economy, traders said.

Investors were evening up positions, reversing moves made earlier in the week, ahead of the US Agriculture Department's annual Outlook conference on Thursday and Friday.

"It is just a technical bounce from a market that pushed it too far yesterday," said Bob Utterback of Utterback Marketing Services, a brokerage for farmers.

CBOT March corn settled up 8-3/4 cents at $6.38-1/4 a bushel.

Corn futures hit a low of $6.25-3/4, less than 1 cent below the 50-day average, earlier in the session.

CBOT March wheat ended 11-1/2 cents higher at $6.44-1/2 a bushel.

Buying in both corn and wheat accelerated late in the day as prices passed through key resistance points in the chart, traders said.

After finding support near their 50-day moving averages, the benchmark corn and wheat contracts rallied through their 30-day and 100-day moving averages during the session.

"You got position-squaring going into the release of Outlook conference numbers," said Greg Grow director of agribusiness at Archer Financial Services.

"Corn broke hard yesterday and put back on what it lost (today) so it really has not done much.

I think it is just more of a technical trade right now." CBOT March soyabean futures ended up 1-1/4 cents at $12.72-1/4 a bushel.

China's new export orders in February shrank by the most in eight months, a preliminary HSBC business survey shows, defying analysts' expectations of a pick up following the Lunar New Year holidays.

Just last week, a Chinese delegation signed agreements with US grain companies to buy 13.4 million tonnes of US soyabeans valued at $6.7 billion.

That deal was during the visit of China's Vice President Xi Jinping to the United States.

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Wheat, beans rise on hopes for demand

Posted by Flora Sawita Labels: Futures Corn, Futures Soybeans, Futures Wheat

Prices for wheat, corn and soybeans have risen on worries that bad weather may have damaged crops in Europe and South America.

Investors on Friday speculated that demand for all three crops will improve. Wheat prices rose 2.4 per cent, while corn and soybeans were up nearly 1 per cent.

Global wheat supplies are plentiful so far but there has been speculation that freezing winter weather hurt crops in parts of Europe, which could cut into stockpiles.

Corn and soybeans supplies are already tight worldwide. Investors are speculating that inventories will shrink even more as details become available about potential crop damage from hot weather in Brazil and Argentina, Telvent DTN analyst Darin Newsom said.

In a report issued last week, the US Agriculture Department estimated global wheat stockpiles at 213.1 million metric tons by the end of the summer. Global corn supplies were forecast at 125.4 million metric tons and soybean stockpiles were estimated at 60.28 million metric tons.

"The market itself believes it's much tighter than what the government said and so that would indicate subsequent reports will show further tightening," Newsom said.

Other commodities were mixed as investors re-evaluated their holdings as a precaution in case there are developments in the Greek debt crisis over the President's Day weekend.

Negotiations over the best way to fix Greece's financial troubles have weighed on the market most of the week. Finance ministers from countries that use the euro will meet Monday to discuss another bailout package for Greece. US markets will be closed Monday for the Presidents' Day holiday.

Investors have been concerned that Greece could default on its massive debt if the funding isn't available before a deadline next month. That could cause slower economic growth and less demand for commodities.

In metals trading, gold for April delivery fell $2.50 to finish at $1,725.90 an ounce. In March contracts, silver declined 15.4 cents to end at $33.216 per ounce, copper decreased 8.3 cents to $3.708 per pound and palladium ended down $8.50 at $688.10 an ounce. April platinum rose $7.80 to $1,633.90 an ounce.

Oil prices rose on prospects for slower deliveries from the Middle East if Iran continues to clash with Western nations over its nuclear program.

Benchmark oil rose 93 cents to finish at $103.24 per barrel on the New York Mercantile Exchange. Heating oil fell 2.08 cents to end at $3.1889 per gallon, gasoline futures declined 3.15 cents to $3.0156 per gallon and natural gas rose 11.7 cents to $2.684 per 1,000 cubic feet.

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Argentine soya prices fall

Posted by Flora Sawita Labels: Argentina, Futures Soybeans

Argentina closing soya prices and trends on Thursday: Soya prices in Argentina's Rosario market closed at between 1,230 pesos and 1,285 pesos per tonne ($285.7-$298.5) compared with 1,240 to 1,280 pesos on Wednesday.

Downward pressure was put on the local market by lower prices in Chicago.

Trade volume was very low as sellers held out for possible higher prices in the days ahead, as supply concerns mount and farmers in South America fret about dry weather.

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US Midwest corn and soyabean bids firm

Posted by Flora Sawita Labels: Futures Corn, Futures Soybeans

Corn spot basis bids were firm at elevators, river terminals and rail markets around the US Midwest on Tuesday as grain merchants continued to sweeten bids in an effort to spur sales from bullish farmers.

Soyabean bids were firm at an elevator in northern Ohio and at a processor in central Iowa and largely unchanged elsewhere.

Scattered sales noted across the region, with a slightly larger volume of soyabeans sold than corn, grain merchants said.

But many farmers put off sales in the hopes that soyabeans will advance beyond their two-week high and corn will surpass its one-week top, both notched on Tuesday.

Corn bids surged as much as 10 cents at rail terminals in the eastern Midwest as rail traders tried to compete with sharply higher basis in the CIF barge market.

Corn bids gained 1 cent on the Mississippi and Illinois rivers and 3 cents in Toledo, Ohio.

"The river market has been so strong, so there's not a lot that's been trading on the rail," an Indiana trader said.

Farmers' "bins are locked up and they are going to make people pay for it," said an Ohio grain buyer.

CBOT corn futures settled 1.65 percent higher Tuesday amid soaring wheat futures and talk that exports from No 2 corn exporter Argentina could be hampered by drought.

Soyabeans also ended higher, surpassing the lows set in the wake of USDA's bearish crop production report from earlier this month.

But corn and soyabean basis bids have increased in tandem with futures, indicating strong demand in the cash market.

Many farmers have enough cash to cover any expenses for the first part of the year and are in no rush to sell at prices still lower than highs set in the first days of 2012.

Robust demand for US corn and limited amounts of the grain in position near export elevators at the US Gulf Coast sent basis bids for spot barge loads of corn to fresh five-month highs on Tuesday.

Barge freight up sharply on the Illinois River and weak on the lower Ohio River.