Content ID

335549

GRAINS-Soybeans ease, but uncertainty over Brazilian supply limit losses

SINGAPORE, Nov 2 (Reuters) - Chicago soybean futures slid on Wednesday with the market retreating from previous session's highest level in almost six weeks, although concerns over Brazilian shipments kept a floor under the market.

Wheat fell for the first time in three sessions and corn lost ground.

FUNDAMENTALS

* The Chicago Board of Trade (CBOT) most-active soybean contract fell half a cent to $14.47-1/4 a bushel by 0023 GMT, after climbing to its highest since Sept. 23 at $14.49 a bushel on Tuesday.

* Wheat gave up 0.5% to $8.97-3/4 a bushel and corn fell 0.3% to $6.95-1/2 a bushel.

* Demonstrators protesting Brazil's election results have disrupted fuel distribution and meat production, as well as the country's ability to send grains and oilseeds to port, companies and authorities said on Tuesday.

* Blockades were first reported on Sunday amid spreading demonstrations by truckers and other supporters of outgoing Brazilian President Jair Bolsonaro, challenging his narrow election loss to leftist Luiz Inacio Lula da Silva.

* Soybean production prospects remain strong in Brazil. StoneX commodity brokerage raised its forecast of the country's 2022/23 soybean crop to 154.35 million tonnes, from 153.8 million previously.

* The U.S. soybean harvest is winding down with 88% of the crop cut, as of Oct. 30, the U.S. Department of Agriculture (USDA) said. The corn harvest was 76% complete.

* In the wheat market, focus is on Black Sea export corridor after Russia's withdrawal over the weekend.

* A long-term defence is needed for Ukraine's grain export corridor and the world must respond firmly to any Russian attempts to disrupt it, President Volodymyr Zelenskiy said, as more ships were loading despite Moscow suspending its participation in a U.N.-brokered deal.

* Russian President Vladimir Putin told his Turkish counterpart Tayyip Erdogan in a phone call on Tuesday that Moscow could consider resuming a deal allowing grain exports from Ukrainian seaports only after completion of an investigation of drone attacks on the Crimean naval port of Sevastopol.

* In the United States, dry conditions have hampered the newly seeded U.S. 2023 winter wheat crop. The USDA on Monday rated 28% of the crop in good-to-excellent condition, the lowest for this time of year in records dating to 1987.

* Commodity funds were net buyers of CBOT soybean, wheat, corn and soyoil futures contracts on Tuesday and net sellers of soymeal, traders said.

MARKET NEWS

* Wall Street stocks fell on Tuesday while Treasury yields dipped as investors speculated whether the U.S. Federal Reserve may hint at a slower pace of policy tightening this week.

DATA/EVENTS (GMT) 0030 Australia Building Approvals Sept 0030 Australia Building Approval Total YY Sept 0030 Australia Owner-Occp'd Hous'g Fin MM Sept 0030 Australia Invest Hous'g Fin MM Sept 0850 France S&P Global Mfg PMI Oct 0855 Germany S&P Global/BME Mfg PMI Oct 0855 Germany Unemployment Chg, Rate SA Oct 0900 EU S&P Global Mfg Final PMI Oct 1800 US Federal Open Market Committee announces its decision on interest rates followed by statement (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)

© Copyright Thomson Reuters 2022. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about
Loading...

Talk in Marketing

Most Recent Poll

Will you have enough on-farm storage for harvest?

I just want to see the responses
46% (21 votes)
Yes
35% (16 votes)
No, it’s going to be a bin-buster
9% (4 votes)
Maybe, depending on yields
7% (3 votes)
No, I am looking at new bins or temporary storage
4% (2 votes)
Total votes: 46
Thank you for voting.