SINGAPORE/PARIS — Chicago soybean
futures rose on Wednesday, with a lack of rains in Argentina
underpinning the market, although slowing U.S. sales to China
Wheat rose on concerns over crop damage in the United
“Doubts around Argentina’s crops continue. Lower production
estimates will come; the question is how much?” the Hightower
said in a report.
“Planting is well behind, with only 50.6% completed at of
Dec. 15. Conditions are reported at 19% good/excellent versus
85% last year. Some areas that would normally require replanting
may be abandoned for this year.”
The most-active soybean contract on the Chicago Board of
Trade (CBOT) rose 0.4% to $14.84-1/4 a bushel, as of 1030
GMT, wheat added 0.2% to $7.53-3/4 a bushel and corn
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.
Russia has set its fertilizer export quota at 11.8 million
tonnes for January-May to ensure enough supply of crop and soil
nutrients to farmers at home, the government said in a statement
Commodity funds were net buyers of CBOT soybeans, soyoil,
corn, wheat and soymeal futures contracts on Tuesday, traders
Prices at 1030 GMT
Last Change Pct
CBOT wheat 752.25 1.75 0.23
CBOT corn 653.00 1.00 0.15
CBOT soy 1484.25 5.75 0.39
Paris wheat 298.25 1.75 0.59
Paris maize 285.00 1.75 0.62
Paris rapeseed 559.75 3.50 0.63
WTI crude oil 77.26 1.03 1.35
Euro/dlr 1.0617 0.000 -0.038
Most active contracts – Wheat, corn and soy US
cents/bushel, Paris futures in euros per tonne
(Reporting by Naveen Thukral; Editing by Rashmi Aich and