GRAINS-Soybeans set for weekly loss on higher supply view

GRAINS-Soybeans set for weekly loss on higher supply view

GRAINS-Soybeans rally 2% on USDA crop report
GRAINS-Soybeans ease as large U.S. crops looms
GRAINS-Soybeans set for greatest weekly loss in almost 7 years


CANBERRA, Oct 15 (Reuters)U.S. soybean futures edged lower on Friday and were poised to record weekly losses of more than 3% as forecasts for ample global supplies offset hopes of renewed Chinese demand.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade Sv1 were down 0.1% at $12.05-1/2 a bushel by 116 GMT, having firmed 0.9% on Thursday.

* Soybeans are down more than 3% for the week, set for their biggest weekly loss since Aug. 20.

* The most active corn futures Cv1 are down nearly 3% for the week, on course for their second straight weekly loss.

* The most active wheat futures Wv1 are down 1.5% for the week, poised for their second straight weekly loss.

* The U.S. Department of Agriculture (USDA) on Tuesday released estimates of both corn and soybeans in the United States that were above average analyst expectations.

* However, traders have said the availability of supplies from the ongoing U.S. harvest are expected to trigger some renewed Chinese demand going forward.

* U.S. exporters sold 132,000 tonnes of soybeans for delivery to unknown destinations during the 2021/2022 marketing year, USDA reported on Thursday.

MARKET NEWS

* The dollar was slightly lower on Thursday in choppy trading, having erased most of its early session losses, as investors bet the Federal Reserve would begin tapering its asset purchases next month and attention turned to the timing of interest rate hikes. USD/

* Oil prices rose 1% on Thursday after top producer Saudi Arabia dismissed calls for additional OPEC+ supply and the International Energy Agency said surging natural gas prices could boost demand among power generators. O/R

* U.S. shares rallied on Thursday as strong bank earnings reports fired up investors’ risk appetites, while the dollar and benchmark Treasury yields both paused their recent ascent to pull back from multi-month highs.

(Reporting by Colin Packham; Editing by Ramakrishnan M.)

(([email protected]; +61-2 9321 8161; Reuters Messaging: [email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



www.nasdaq.com

COMMENTS

WORDPRESS: 0
%d bloggers like this: