SINGAPORE, Jan 20 (Reuters) – Chicago soybean futures rose for a second session on Thursday as concerns over lower supplies from South America underpinned prices.
The wheat market was largely unchanged with traders focused on dry and cold weather in key growing areas of the Midwest and southern Plains.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 added 0.1% to $13.92-1/2 a bushel, as of 0144 GMT. Wheat Wv1 dropped 0.1% to $7.95-3/4 a bushel and corn gave up 0.2% to $6.09-1/4 a bushel.
* Expectations of lower soybean output in Brazil, the world’s biggest exporter, are supporting prices.
* Argentine farmers have sold 37.5 million tonnes of soybeans from the 2020/21 season so far including 261,200 tonnes in the seven days to Jan. 12, the Agriculture Ministry said on Wednesday.
* Losses in the wheat market are being limited by strong global demand, highlighted by activity on the export market. State grain buyers in both Jordan and Iran on Wednesday issued tenders to purchase wheat.
* Commodity funds were net buyers of CBOT soybean, wheat, corn, soyoil and soymeal futures contracts on Wednesday, traders said. COMFUND/CBT
MARKETS NEWS
* Strong U.S. and European corporate results could not stop a slide on Wall Street, where the Nasdaq entered a correction, as rising crude prices kept inflation concerns alive even as bond yields eased a bit after earlier touching fresh multi-year highs. MKTS/GLOB
DATA/EVENTS (GMT)
0745 France Business Climate Mfg Jan
1000 EU HICP Final MM, YY Dec
1330 US Initial Jobless Clm Weekly
1330 US Philly Fed Business Indx Jan
1500 US Existing Home Sales Dec
(Reporting by Naveen Thukral)
(([email protected]; +65-6870-3829; Reuters Messaging: [email protected]))
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