Mark's Feed
Jan 23, 2015

U.S. corn gains on export sales; wheat flat

CHICAGO, Jan 23 (Reuters) – U.S. corn futures firmed on
Friday on support from bigger-than-expected U.S. export sales,
traders said.
“The exports are pretty important,” said Bill Gentry, broker
at Risk Management Commodities in Lafayette, Indiana. “(They
show) the corn has got some value at these and lower levels.”
Soybeans dipped, with the market consolidating near
three-month lows as the harvest from South American comes on
line. Wheat was mostly flat after climbing from overnight lows
on bargain buying.
Any signs of strength across the sector were kept in check
by ample supplies as well as a firm U.S. dollar, which hit an
11-year high against the euro and threatened to roil overseas
demand for U.S. supplies.
Chicago Board of Trade corn for March delivery was up
3 cents at $3.87-3/4 a bushel at 10:44 a.m. CST (1644 GMT). CBOT
March wheat was 1/2 cent higher at $5.34-1/4 a bushel.
Corn was on pace to close unchanged for the week. Wheat was
on track for a weekly gain of 0.4 percent, which would snap a
streak of four straight losses.
The U.S. Agriculture Department said on Friday morning that
weekly export sales of corn were a robust 2.19 million tonnes,
topping analysts’ forecasts that ranged from 800,000 to 1
million tonnes. Wheat export sales totalled 564,400 tonnes,
which also beat trade expectations.
CBOT March soybeans were down 2-1/4 cents at $9.74-1/2
a bushel. Prices have fallen 1.7 percent so far this week.
The strength in the dollar cast a bearish tone across U.S.
commodities. The euro fell to fresh 11-year lows against the
dollar on Friday following the European Central Bank’s
announcement on Thursday that it would pump a trillion euros
into the euro zone economy to revive sagging growth and ward off
“Currency markets continue to garner most of the excitement
this week, as the dollar has definitely had a negative effect on
the grains,” Matt Zeller, director of market information at INTL
FCStone said in a note to clients.
Name Last Pct Change Net Change Pvs Close
CORN MAR5 386.75 0.78 3 383.75
SOYBEANS MAR5 974.5 -0.23 -2.25 976.75
SOY MEAL MAR5 332.2 0.64 2.1 330.1
SOYBEAN OIL MAR5 31.62 -1.09 -0.35 31.97
WHEAT SRW MAR5 534.25 0.09 0.5 533.75
ROUGH RICE MAR5 11.155 -0.04 -0.005 11.16
M.WHEAT EUR MAY5 198.75 0.38 0.75 198
LIGHT CRUDE MAR5 46.14 -0.37 -0.17 46.31
DJ INDU AVERAGE 17760.77 -0.3 -53.21 17813.98
GOLD LBMA 1290.23 #N/A -11.27 1300.98
BALTIC EXCH DRY 720 -4.13 -31 751
US DOLLAR INDEX 94.53 0.48 0.453 94.077
In U.S. cents, benchmark contracts, except EU wheat (euros) and
soymeal (dollars).

(Additional reporting by Naveen Thukral in Singapore and Nigel
Hunt in London; , Editing by David Evans and Meredith Mazzilli)

Jan 21, 2015

U.S. corn falls from one-week high; soybeans firm

CHICAGO, Jan 21 (Reuters) – U.S. corn futures slipped from a
one-week high on Wednesday on ample global supplies, traders
Soybean futures edged higher, with bargain buyers picking
prices up from their lowest since October even as concerns about
dry weather culling crop production in South America eased.
“Despite recent talk of drier-than-normal weather across
Brazil, most local observers still see soybean production on
track to set new records,” Morgan Stanley analyst Bennett Meier
said in a note to clients.
Brazilian crop analysts Celeres pegged the country’s 2014/15
soy crop at a record 94.2 million tonnes, up 3 percent from its
August forecast.
The expectations for a huge crop kept the gains in soybeans
in check and the market fluctuated between positive and negative
territory several times during the session.
Strength in soymeal futures also added support. Traders on
the cash market noted a pick-up in export demand for U.S.
soymeal due to higher-than-expected prices for South American
Chicago Board of Trade March soybeans, the most
actively traded oilseed contract, were up 1-3/4 cents at
$9.83-3/4 a bushel at 11:35 a.m. CST (1735 GMT). Deferred
contracts firmed slightly.
CBOT March corn was 2 cents lower at $3.88-1/4 a
Wheat was mixed, with soft red winter wheat firming for the
second day in a row. High-protein spring wheat and hard red
winter wheat were lower due to bigger-than-expected supplies in
the U.S. countryside.
CBOT March soft red winter wheat was up 1-1/2 cents at
$5.38-1/2 a bushel. MGEX spring wheat was off 7-1/4
cents at $5.82-1/4 a bushel and K.C. hard red winter wheat for
March delivery was down 4 cents at $5.73-3/4 a bushel.
The Minneapolis Grain Exchange said on Wednesday there were
19.4 million bushels of wheat in its storage warehouse in
Duluth, a 1.9 million bushel increase from a week earlier.

In Brazil, a cold front has broken into Brazil’s southeast
and center-west agricultural areas, Somar meteorologists said on
Wednesday, ending at least 20 days of unseasonably hot, dry
Name Last Pct Change Net Change Pvs Close
CORN MAR5 388.25 -0.51 -2 390.25
SOYBEANS MAR5 983.25 0.13 1.25 982
SOY MEAL MAR5 329.7 0.98 3.2 326.5
SOYBEAN OIL MAR5 32.49 -1.07 -0.35 32.84
WHEAT SRW MAR5 538.25 0.23 1.25 537
ROUGH RICE MAR5 11.325 0.53 0.06 11.265
M.WHEAT EUR MAY5 198.25 0.89 1.75 196.5
LIGHT CRUDE MAR5 47.59 2.41 1.12 46.47
DJ INDU AVERAGE 17555.62 0.23 40.39 17515.23
GOLD LBMA 1291.9 #N/A -1.66 1293.56
BALTIC EXCH DRY 770 2.26 17 753
US DOLLAR INDEX 93.025 -0.02 -0.021 93.046
In U.S. cents, benchmark contracts, except EU wheat (euros) and
soymeal (dollars)

Jan 20, 2015

U.S. soy pressured as export interest shifts; wheat, corn also weak

CHICAGO, Jan 20 (Reuters) – Chicago Board of Trade soybean
futures slid 1.7 percent to their lowest in nearly three months
on Tuesday as export demand for U.S. supplies weakened ahead of
what are expected to be record harvests in Brazil and Argentina,
traders said.
The weakness in soybeans spilled into the corn market, while
wheat eased to a 10-week low on forecasts for good weather for
crop development in the U.S. Plains.
The U.S. Agriculture Department said on Tuesday that
exporters canceled the sale of 174,000 tonnes of soybeans that
were to be shipped to China in the 2014/15 marketing year. USDA
also reported the cancellation of deals for 285,000 tonnes of
soybeans on Friday.
“We are starting to see a trend here of our biggest demand
input beginning to shift their program to the Southern
Hemisphere. And that’s a big deal,” said Terry Linn, analyst at
the Linn Group, a brokerage in Chicago.
Overseas buyers were banking on bumper crops from South
America to further bolster the global balance sheet and push
prices lower.
“If the forecast holds for Brazil into early February it
will be difficult to appreciably reduce their crop potential,”
CHS Hedging market analyst Charles Soule said in a note to
CBOT March soybean futures were down 18 cents at $9.73-3/4 a
bushel at 11:15 a.m. CST (1715 GMT). Prices bottomed out at
$9.72-1/4, the lowest since Oct. 27, earlier in the session.
CBOT March corn was 3/4 cent lower at $3.86-1/4 a
bushel, while March soft red winter wheat shed 2-3/4 cents
to $5.30 a bushel. Wheat futures have fallen in eight of the
last nine sessions.
K.C. March hard red winter wheat dropped 6 cents to
$5.71, with the front-month contract hitting its lowest
since Oct. 3.
“A storm will push across the South this week, providing the
southwest one-third of Plains wheat with beneficial moisture,”
according to a forecast from Commodity Weather Group.
In Brazil, the main crop areas will see a cold weather front
arrive by Thursday followed by rainfall, meteorologists said on
Monday, suggesting relief for parched soybean crops as
harvesting gets under way.
Name Last Pct Change Net Change Pvs Close
CORN MAR5 386 -0.26 -1 387
SOYBEANS MAR5 973.75 -1.81 -18 991.75
SOY MEAL MAR5 321.9 -1.32 -4.3 326.2
SOYBEAN OIL MAR5 32.87 -1.56 -0.52 33.39
WHEAT SRW MAR5 530.25 -0.47 -2.5 532.75
ROUGH RICE MAR5 11.265 -0.62 -0.07 11.325
M.WHEAT EUR MAY5 195 -0.64 -1.25 196.25
LIGHT CRUDE FEB5 46.89 -3.7 -1.8 48.69
DJ INDU AVERAGE 17381.2 -0.74 -130.37 17511.57
GOLD LBMA 1295.81 #N/A 19.11 1276.7
BALTIC EXCH DRY 753 1.89 14 739
US DOLLAR INDEX 92.938 0.45 0.418 92.52
In U.S. cents, benchmark contracts, except EU wheat (euros) and
soymeal (dollars).

(Additional reporting by Naveen Thukral in Singapore and Gus
Trompiz in Paris; Editing by Michael Urquhart and Peter

Jan 9, 2015

Corn, soy firm, but wheat weak ahead of USDA report

CHICAGO, Jan 9 (Reuters) – U.S. corn and soybean futures
firmed on Friday, supported by strong export demand, while wheat
weakened slightly as traders evened up positions ahead of a key
U.S. government report on crop production and supplies, traders
“Ahead of the report, we are going to go into more of a
consolidation phase right now,” said Brian Hoops, president of
U.S. brokerage Midwest Market Solutions. “We will not see any
major moves.”
On Monday, the U.S. Department of Agriculture will publish
its world grain supply and demand forecasts, quarterly U.S.
grain stocks estimates and a first estimate of the 2015 U.S.
wheat area.
Chicago Board of Trade soft red winter wheat dipped to a
fresh six-week low during the overnight session, with U.S.
offerings seen too expensive to attract export business amid
ample global supplies.
At 10:41 a.m. CDT (1641 GMT), CBOT March wheat was 1/4
cent lower at $5.66-3/4 a bushel. Prices have fallen 2.6 percent
so far this week, their third straight week of declines.
CBOT March corn was 4 cents higher at $3.98-1/4 a
bushel, on track for a 0.6 percent weekly gain. Front-month corn
has risen in six of the past seven weeks.
USDA said that private exporters reported the sale of
136,000 tonnes of corn to South Korea, as well as 116,000 tonnes
of sorghum to unknown destinations.
Traders noted some bargain buying in corn after the March
contract dipped below its 50-day moving average during the
overnight session. The contract has not closed below that key
technical level since October.
Corn had fallen for three straight days, prompting some
short-covering although traders noted resistance at the $4 a
bushel level.
CBOT soybeans for March delivery were 1/4 cent higher
at $10.48-1/2 a bushel. The front-month contract was on
track to post a weekly gain of 4.4 percent, its biggest since
late October.
Name Last Pct Change Net Change Pvs Close
CORN MAR5 398 0.95 3.75 394.25
SOYBEANS JAN5 1046.75 0.17 1.75 1045
SOY MEAL JAN5 361.4 0.03 0.1 361.3
SOYBEAN OIL JAN5 33.63 0.15 0.05 33.58
WHEAT SRW MAR5 566.25 -0.13 -0.75 567
ROUGH RICE JAN5 11.35 0.49 0.055 11.295
M.WHEAT EUR MAR5 196 -0.38 -0.75 196.75
LIGHT CRUDE FEB5 47.65 -2.34 -1.14 48.79
DJ INDU AVERAGE 17726.11 -1.01 -181.76 17907.87
GOLD LBMA 1216.91 #N/A 8.28 1208.63
BALTIC EXCH DRY 709 -2.07 -15 724
US DOLLAR INDEX 91.974 -0.43 -0.394 92.368
In U.S. cents, benchmark contracts, except EU wheat (euros) and
soymeal (dollars).

(Additional reporting by Gus Trmpiz in Paris and Naveen Thukral
in Singapore; Editing by Joseph Radford, David Evans and Peter

Jan 8, 2015

U.S. wheat, corn drop on weak exports

CHICAGO, Jan 8 (Reuters) – U.S. wheat futures fell 1.3
percent to a six-week low on Thursday on poor export demand and
easing concerns about crop damage despite sub-zero temperatures
settling in across key U.S. growing regions, traders said.
“Yes, it did get very cold overnight,” Joe Barker, market
analyst at CHS Hedging said in a note to clients. “But I would
say that it was generally not quite as cold as forecasted. I
have already seen reports from private forecasters that are
walking back their initial concerns about winterkill.”
Forecasts called for the deep freeze to last for the next
few days. Warming temperatures are expected to arrive early next
Weak exports also weighed on corn, which fell for the
seventh time in eight sessions. Soybean futures eased on a mild
profit-taking setback after overnight strength pushed prices to
a 10-day high.
Wheat came under pressure following a U.S. Agriculture
Department report that showed weekly export sales for the
2014/15 marketing year came in at a disappointing 151,000
The decision by Egypt’s GASC to once again bypass U.S.
supplies in their latest tender in favor of 180,000 tonnes of
French wheat added to the bearish export prospects.

Chicago Board of Trade soft red winter wheat for March
delivery was down 7-3/4 cents at $5.71-3/4 a bushel at
11:10 a.m. CDT (1710 GMT). The session low of $5.70 was the
lowest for the front-month contract since Nov. 28.
CBOT March corn was 3/4 cent lower at $3.95-1/2 a
bushel, with traders citing technical weakness after the market
failed to hold overnight gains.
“Corn is developing a weak look about it. Again it cannot
sustain above $4 (a bushel),” Tobin Gorey, director of
agriculture strategy for the Commonwealth Bank of Australia,
said in a note to clients.
Strength in the dollar, which held at nine-year highs
against a currency basket, and caution ahead of closely watched
government crop estimates kept bargain hunters on the sidelines.

Jan 5, 2015

CBOT wheat, corn and soybeans rebound from sell-off

CHICAGO, Jan 5 (Reuters) – U.S. soybean, corn and wheat
futures rallied on Monday, rebounding from sharp losses on a
round of bargain buying, traders said.
“People are coming back from holiday and saying ‘look at how
hard things got hit’ and maybe thinking that it was a little
overdone,” said A/C Trading Co President Jim Gerlach.
Soybeans posted the biggest gains, rising 2.6 percent and
snapping a four-session losing streak. A flash sale of U.S.
soybeans to China added fuel to the rally.
Chicago Board of Trade soybeans for March delivery
were up 26-1/2 cents at $10.34 a bushel at 11:32 a.m. CST (1732
GMT). Prices rallied through technical resistance at their
100-day moving average early in the trading day.
Corn futures were up 8-1/4 cents at $4.04 a bushel.
Both corn and soybeans were receiving additional support
from some forecasts for dry weather in key growing areas of
CBOT March wheat was 9-3/4 cents higher at $5.91 a
A cold snap across the United States raised concerns about
damage to the dormant winter wheat crop, with the largest areas
of concern in eastern Nebraska and northern Missouri.
“The wheat market is starting the week off higher as traders
are concerned about weather,” INTL FCStone said in a note to
clients. “Winter wheat growing areas are experiencing extreme
cold temperatures in the U.S. this week, but snow cover will
help as the week progresses.”
Signs of export demand also helped bolster wheat prices.
European traders said China bought about 120,000 tonnes of
hard wheat in the past few days, deals that may have included
U.S. and Australian supplies.
Name Last Pct Net Pvs Close
Change Change
CORN MAR5 404 2.08 8.25 395.75
SOYBEANS JAN5 1028 2.54 25.5 1002.5
SOY MEAL JAN5 364 2.1 7.5 356.5
SOYBEAN OIL JAN5 32.6 1.91 0.61 31.95
WHEAT SRW MAR5 591.25 1.72 10 581.25
ROUGH RICE JAN5 11.305 0.13 0.015 11.29
M.WHEAT EUR MAR5 202.75 1.88 3.75 199
LIGHT CRUDE FEB5 50.28 -4.57 -2.41 52.69
DJ INDU AVERAGE 17522.71 -1.74 -310.28 17832.99
GOLD LBMA 1197.8 #N/A 8.92 1188.88
BALTIC EXCH DRY 761 -1.3 -10 771
US DOLLAR INDEX 91.492 0.45 0.412 91.08
In U.S. cents, benchmark contracts, except EU wheat (euros) and
soymeal (dollars).

(Additional reporting by Colin Packham and Nigel Hunt in
London; Editing by Lisa Von Ahn)

Dec 19, 2014

U.S. wheat snaps win streak on profit-taking; corn follows

CHICAGO, Dec 19 (Reuters) – U.S. wheat futures fell 3
percent on Friday, stepping back from a six-month high on a
round of profit-taking ahead of a holiday-shortened week,
traders said.
The drop in wheat weighed on corn, but signs of strong
export demand limited selling in the yellow grain. Soybeans also
were weak on forecasts for crop-boosting rain in South America.
Wheat’s decline snapped a six-session winning streak for the
benchmark Chicago Board of Trade March soft red winter wheat
contract that stemmed from concerns about a slowdown in
Russian exports.
“We are running out of steam for the rally,” said Mark
Schultz, chief analyst at Northstar Commodity Investment Co.
“That was a pretty big move up in a short period of time.”
CBOT March soft red winter wheat was down 22 cents at
$6.33-1/4 a bushel at 11:42 a.m. CST (1742 GMT). Prices have
risen 4.5 percent so far this week. The front-month wheat
contract was on pace for its fourth straight weekly gain.
To drive prices above recent highs, the market would need to
see actual signs of a pickup in overseas demand for U.S.
supplies, Schultz added.
Traders and analysts said the market had already priced in
slower Russian exports.
“The market ran ahead of itself yesterday so it makes sense
to cool off a bit,” a European trader said. “With the year-end
holidays plus the usual winter logistical slowdown in Russia,
we’re going to have wait until early next year to see if export
demand shifts to other origins.”
CBOT January soybeans were 10 cents lower at $10.25 a
bushel. The front-month contract has shed 2.1 percent this week.
Commodity Weather Group forecast on Friday that showers this
weekend in key soy- and corn-growing areas of Argentina should
ease concerns about dryness there. Rain was expected to pick up
in Brazil crop areas early next week.
CBOT March corn futures were down 2-3/4 cents at
$4.08-1/4 a bushel. Prices have been stuck in a 10-cent range
all week but the front-month contract was on pace to post
a 3.1 percent gain this week.
The U.S. Agriculture Department on Friday morning reported
that private exporters booked sales of 237,268 tonnes of corn in
two separate deals. It was the second day in a
row the government has announced flash sales of corn.
Name Last Pct Net Pvs Close
Change Change
CORN MAR5 408.75 -0.55 -2.25 411
SOYBEANS JAN5 1025 -0.97 -10 1035
SOY MEAL JAN5 361.7 -0.99 -3.6 365.3
SOYBEAN OIL JAN5 31.9 0.03 0.01 31.89
WHEAT SRW MAR5 633.75 -3.28 -21.5 655.25
ROUGH RICE JAN5 12.26 1.24 0.15 12.11
M.WHEAT EUR MAR5 197.5 -1.86 -3.75 201.25
LIGHT CRUDE JAN5 56.21 3.88 2.1 54.11
DJ INDU AVERAGE 17765.37 -0.07 -12.78 17778.15
GOLD LBMA 1196.05 #N/A -1.6 1197.65
BALTIC EXCH DRY 803 -1.35 -11 814
US DOLLAR INDEX 89.587 0.39 0.352 89.235
In U.S. cents, benchmark contracts, except EU wheat (euros) and
soymeal (dollars).

(Additional reporting by Gus Trompiz in Paris and Naveen
Thukral in Singapore; Editing by Peter Galloway)

Dec 18, 2014

Wheat extends rally on Russia woes; corn, soy firm

CHICAGO, Dec 18 (Reuters) – U.S. wheat futures rose on
Thursday, extending a winning streak spurred by concerns of
Russia cutting back on their overseas shipments, traders said.
Corn and soybean futures also firmed, with traders noting
technical buying and spillover strength from the wheat market.
Improving export prospects following China’s approval of some
genetically modified strains added support.
Wheat futures were the leader even with prices trading below
the seven-month high hit during the overnight session.
“(The wheat market) is due to slow down a little bit but
wheat is still supported by Russia announcing that they are
going to limit exports,” said Dewey Strickler, president of
grain consultancy Ag Watch Market Advisors.
Chicago Board of Trade March soft red winter wheat was
up 6-3/4 cents at $6.55-1/4 a bushel at 11:33 a.m. CST (1733
GMT), on track for its sixth straight day of gains. The contract
has rallied nearly 13 percent during the streak.
“The market is continuing to price in the uncertainty
surrounding Russia,” a European trader said. “It’s hard to read
because you have a very volatile market that’s risen very fast.”
Russia, one of the world’s main wheat exporters, is
restricting grain exports to try to cool domestic prices as it
tackles a currency crisis linked to plunging oil prices and
Western sanctions. Industry sources said the country has
significantly cut railway loading of grain for export, adding to
informal curbs to overseas shipments.
Traders said the informal steps taken by Russia were making
it very hard to assess the impact on exports and that there was
still confusion about whether ships at Russian ports were
loading and getting export clearance.
CBOT January soybeans were 2 cents higher at $10.29 a
bushel and CBOT March corn was up 2-1/2 cents at $4.10-3/4
a bushel.
The U.S. Agriculture Department on Thursday morning said
that private exporters reported the sale of 1.5 million tonnes
of soybeans to China for delivery in the 2015/16 marketing year.
Exporters also sold 126,000 tonnes of corn to unknown
destinations for 2014/15 shipment.
USDA’s weekly export sales report showed corn and soybean
sales near the low end of a range of analysts’ forecasts.

Prices at 11:34 a.m. CST (1734 GMT)

CBOT corn 410.50 2.25 0.6% -2.7%
CBOT soy 1029.25 2.25 0.2% -21.6%
CBOT meal 363.30 4.00 1.1% -17.0%
CBOT soyoil 31.69 -0.08 -0.3% -18.4%
CBOT wheat 654.75 6.25 1.0% 8.2%
CBOT rice 1210.50 -1.00 -0.1% -22.0%
EU wheat 200.00 1.25 0.6% -4.3%

Dec 4, 2014

U.S. corn, soy rally on strong exports; wheat weak

CHICAGO, Dec 4 (Reuters) – Soybean and corn futures rose on
Thursday on an export report that showed recent price declines
have sparked strong overseas demand for U.S. commodities,
traders said.
“It was down in the dumps all night and then we saw export
sales for corn, soybeans and soymeal that exceeded expectations
by a sizeable amount,” said Jim Gerlach, president of A/C
Trading. “That triggered the rally late in the overnight session
that carried over into the day session.”
The U.S. Agriculture Department also reported disappointing
export sales for wheat, which added further pressure to a market
weighed down by profit taking as well as easing concerns about
crop health in key growing areas around the globe.
CBOT soybeans for January delivery were up 10-1/2
cents at $10.08-3/4 a bushel at 10:49 a.m. CST (1649 GMT)
Traders noted some technical buying hit the market after prices
dipped below $10 a bushel.
“We have had a dollar break from recent highs,” said Jason
Britt, president of Central States Commodities. “I think the
time for pushing the short side is a little bit past.”
CBOT March corn was 6-1/2 cents higher at $3.88-1/2 a
Traders also noted slow country movement of both corn and
soybeans as bullish inputs for the futures market. Britt said
that most farmers were reluctant to book new sales, which made
supplies that exporters needed to meet their hefty new
commitments scarce.
CBOT March wheat was 2-1/4 cents lower at $5.87-1/4 a
bushel. Prices for the front-month contract hit a near
six-month high of $6.11-3/4 a bushel earlier this week.
“U.S. wheat is looking expensive compared to alternative
origins,” Tobin Gorey, agricultural commodities strategist,
Commonwealth Bank of Australia, wrote in a research note.
“Some of the crop dangers are receding too. Weather
forecasters continue to expect (former Soviet Union)
temperatures to rise from critical levels into the weekend, so
for now there’s unlikely to be further crop damage.”
Recent deep frosts across most Ukrainian regions have not
affected winter grain crops, weather forecasters said on
USDA on Thursday morning reported soybean export sales at a
robust 1.180 million tonnes in the latest week, well above
estimates ranging from 650,000 to 850,000 tonnes. Corn
export sales were 1.170 million tonnes, also above the range of
market expectations.
Wheat export sales came in at the low end of expectations.
Name Last Pct Net Pvs Close
Change Change
CORN DEC4 374.5 1.56 5.75 368.75
SOYBEANS JAN5 1007 0.88 8.75 998.25
SOY MEAL DEC4 386.1 1.31 5 381.1
SOYBEAN OIL DEC4 31.55 -0.97 -0.31 31.86
WHEAT SRW DEC4 594.75 -0.38 -2.25 597
ROUGH RICE JAN5 12.155 0.12 0.015 12.14
M.WHEAT EUR MAR5 187 -0.66 -1.25 188.25
LIGHT CRUDE JAN5 66.48 -1.34 -0.9 67.38
DJ INDU AVERAGE 17845.54 -0.37 -67.08 17912.62
GOLD LBMA CONTRIB 1208.77 #N/A -0.42 1209.19
BALTIC EXCH DRY 1019 -5.56 -60 1079
US DOLLAR INDEX 88.329 -0.7 -0.627 88.956
In U.S. cents, benchmark contracts, except EU wheat (euros) and
soymeal (dollars).

(Additional reporting by Colin Packham in Sydney and Nigel Hunt
in London; Editing by Michael Urquhart and James Dalgleish)

Dec 3, 2014

Wheat sags on profit taking; corn, soy weak too

CHICAGO, Dec 3 (Reuters) – U.S. wheat futures fell 2.1
percent on Wednesday, retreating from near six-month highs on a
round of profit taking and ideas that the rally had made U.S.
supplies uncompetitive on the global market, traders said.
Corn and soybeans eased too, weighed down by ample supplies
and good growing weather in key South American production
Wheat was on track for its worst daily decline in two weeks.
“We are way out of the market,” said Shawn McCambridge,
senior grains analyst for Jefferies Bache. “Prospects are pretty
slim for securing additional market share overseas.”
Egypt, the world’s largest buyer of wheat, on Tuesday
announced that it had bought 175,000 tonnes of wheat from
Romania and Ukraine. U.S. supplies offered in the tender were
priced more than $25 per tonne above the wheat that Egypt
Chicago Board of Trade soft red winter wheat for March
delivery was down 12-1/12 cents at $5.90-3/4 a bushel.
K.C. hard red winter wheat for March delivery lost
12-1/4 cents at $6.40 a bushel. Hard red winter wheat, which
traders said faced additional pressure from heavy deliveries
against the expiring December contract and improving
conditions in the U.S. Plains, has shed 4.2 percent during the
past two days.
CBOT January soybeans were 4 cents lower at $9.91-3/4
a bushel and hit their lowest since Oct. 27. CBOT March corn
dropped 1-1/2 cents to $3.79-3/4 a bushel, finding support
at its 40-day moving average.
“It continues to prove difficult to find any bullish
fundamentals for the corn market after the U.S. harvest proved
ample,” Macquarie analysts said in a note.
Bearish expectations for crop production in Brazil and
Argentina also loomed over the market.
“South America has seen some decent rain and that brightened
the outlook for crops,” said Paul Deane, senior agricultural
economist, ANZ Bank.
Further moisture is expected in the coming days.
Name Last Pct Net Pvs
Change Change Close
CORN DEC4 367 -0.2 -0.75 367.75
SOYBEANS JAN5 991.75 -0.4 -4 995.75
SOY MEAL DEC4 379 -1.07 -4.1 383.1
SOYBEAN OIL DEC4 31.57 1.28 0.4 31.17
WHEAT SRW DEC4 594.5 -1.78 -10.75 605.25
ROUGH RICE JAN5 12.17 -0.08 -0.01 12.185
M.WHEAT EUR MAR5 188.25 -1.57 -3 191.25
LIGHT CRUDE JAN5 67.47 0.88 0.59 66.88
DJ INDU AVERAGE 17885.37 0.03 5.82 17879.55
GOLD LBMA CONTRIB 1210.6 #N/A 12.04 1198.56
BALTIC EXCH DRY 1079 -3.57 -40 1119
US DOLLAR INDEX 88.907 0.29 0.26 88.647
In U.S. cents, benchmark contracts, except EU wheat (euros) and
soymeal (dollars).

(Additional reporting by Colin Packham in Sydney and Nigel Hunt
in London; Editing by Michael Urquhart and Jonathan Oatis)

    • About Mark

      "I cover grain futures out of Chicago, with a focus on the wheat market. Examining the effects of world crop production on prices and the vagaries of export demand for U.S. supplies takes up most of my time. Previously, I was a reporter on the equities desk in New York and I got my start as a news assistant in the Washington Bureau."
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