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GRAINS-Soybeans rebound off contract low, USDA forecast caps gains

GRAINS-Soybeans rebound off contract low, USDA forecast caps gains

U.S. soybeans edged up nearly 0.5 percent on Wednesday as prices rebounded from a contract low, though gains were checked by the U.S. Department of Agriculture’s forecast for record production.

FUNDAMENTALS
* Chicago Board Of Trade March soybeans rose 0.44 percent to $8.59-1/4 a bushel after closing down 1 percent on Tuesday when prices hit a contract low of $8.50-1/4 a bushel.
* December corn rose 0.21 percent to $3.59-3/4 after closing down 1.8 percent in the previous session when prices hit a contract low of $3.56 a bushel.
* December wheat rose 0.36 percent to $4.92-1/2 a bushel after closing down 2.2 percent on Tuesday when prices hit a three-week low of $4.88 a bushel.
* The USDA pegged 2015 U.S. soybean production at 3.981 billion bushels with an average yield at 48.3 bushels per acre,both all-time highs. The production increase more than offset higher expected use by processors and greater exports.
* The corn harvest was expected to be the third largest on record at 13.654 billion bushels on an average yield of 169.3 bushels per acre, the second highest ever.
* The USDA lowered its outlook for corn exports and use by ethanol makers, boosting ending stocks to a decade high.
* The USDA increased its forecast of U.S. wheat 2015/16 ending stocks outlook by 50 million bushels to 911 million bushels, topping trade expectations for 877 million.
* No U.S. wheat was offered in an overnight tender by Egypt’s state buyer GASC. The lowest offer in the tender, which closed on Tuesday, was for Ukrainian wheat, traders said.
* Independent truckers in Brazil protesting against the federal government entered the second day of their strike on Tuesday, but roadblocks have eased and are mostly concentrated in the south.

MARKET NEWS
* The euro nursed broad losses early on Wednesday as political uncertainty in Portugal provided an excuse to sell in a market already bracing for further monetary policy easing from the European Central Bank.
* U.S. crude oil prices fell in early Asian trading on Wednesday after industry data showed an increase in U.S. stockpiles, while fears that Japan’s economy may have fallen into recession added to demand woes.
* Wall Street ended modestly higher after a choppy session on Tuesday as gains in consumer discretionary stocks offset a drop in Apple and investors hunkered down for a potential interest rate hike next month.

(Source – http://af.reuters.com/article/commoditiesNews/idAFL3N13618U20151111)

 

GRAINS-Soybeans rebound off contract low, USDA forecast caps gains Reviewed by on . U.S. soybeans edged up nearly 0.5 percent on Wednesday as prices rebounded from a contract low, though gains were checked by the U.S. Department of Agriculture' U.S. soybeans edged up nearly 0.5 percent on Wednesday as prices rebounded from a contract low, though gains were checked by the U.S. Department of Agriculture' Rating: 0
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