Latest news with #soybeans
Zawya
10 hours ago
- Business
- Zawya
Chicago wheat slips as harvest pressure sets in; soybeans set for weekly gain
BEIJING - Chicago wheat futures pulled back on Friday after a pre-holiday short-covering rally in the U.S., as harvest pressure looms in Europe and the Black Sea region. The most-active wheat contract dropped 0.59% to $5.87 a bushel, as of 0211 GMT, but remains near a four-month high and is set for a weekly gain. Wheat found some support in the previous trading session, as weather concerns in parts of the U.S. and Europe prompted speculators to cover short positions. "We think that most of the rally will be given back over the next week due to harvest pressure just about to come along in EU and Black Sea," said Ole Houe, head of advisory services at IKON Commodities in Sydney. Soybeans rose 0.02% to $10.75 per bushel and remained on course for a third consecutive weekly gain. Strength in the energy market this week, driven by heightened tensions between Israel and Iran, has lent support to agricultural commodities like soybeans and corn. Higher crude oil prices enhance the appeal of soyoil and corn as biofuel feedstocks. Corn eased 0.17% to $4.32-6/8 a bushel, with prices hovering near their lowest level of 2025. Corn is poised to end the week lower. "Corn is holding the line as no real news and the Israel attacks are not enough to keep any enthusiasm in the face of a 400 million metric tons of U.S. corn crop," Houe said. In Argentina, corn yields are exceeding initial expectations in some areas for the 2024/25 crop, the Buenos Aires Grains Exchange said on Thursday, though it maintained its overall harvest forecast at 49 million metric tons as excessive moisture slowed fieldwork. Traders are awaiting market direction from the U.S. Department of Agriculture's weekly export sales report, which will be released later on Friday.
Zawya
a day ago
- Business
- Zawya
US wheat surges 4% on short-covering, lifting corn and soy
CHICAGO, June 18 (Reuters) - Benchmark Chicago Board of Trade wheat futures jumped more than 4% on Wednesday as weather worries in parts of the United States and Europe, coupled with signs of fresh global export business, prompted speculators to cover short positions, brokers said. Corn and soybean futures followed the higher trend ahead of a U.S. government and market holiday on Thursday. CBOT July wheat settled up 25-1/4 cents, or 4.6%, at $5.74-1/4 per bushel after reaching $5.75, the contract's highest price since March 24. CBOT July soybeans ended up 3/4 cent at $10.74-3/4 a bushel and July corn finished up 2 cents at $4.33-1/2 a bushel. Wheat posted the biggest advances. Commodity funds hold a hefty net short position in CBOT wheat futures, leaving the market vulnerable to short-covering rallies, analysts said. "Anybody that sold Chicago wheat in the last couple of months is under water. So short-covering is the big thing, and you've got a few smaller stories that are supporting and encouraging that," said Terry Linn, analyst with Linn & Associates in Chicago. He noted that Algeria booked more than half a million metric tons of wheat in a tender this week, according to European traders. In addition, the U.S. winter wheat harvest is off to a slow start due to wet conditions, while parts of Russia and the European Union have been dry. Soybean futures inched higher while soyoil futures ended nearly unchanged, consolidating after a spike last Friday tied to larger-than-expected proposed U.S. biofuel mandates. The implied increase in domestic demand for soyoil has muted some of the concern about a slowdown in U.S. soybean exports due to trade tensions with China, the world's biggest soybean customer. "Having this domestic demand mandated is a huge relief, and it changes the fundamental complexion of the (soybean) balance sheet," Linn said. Corn futures rose along with wheat, but the most-active July contract trailed the gains in deferred contracts, reflecting easing concerns about tight supplies of last year's U.S. corn harvest and rising competition for export business, which has been a mainstay for U.S. corn futures. "Even though corn demand has been good so far, you just haven't had any additional demand develop. And at the same time, Brazil brought home a massive crop. And that is going to be competing with us here for a while," Linn said. Traders await market direction from the USDA's weekly export sales report, which will be released on Friday, a day later than usual, due to the U.S. Juneteenth holiday on Thursday. (Reporting by Ella Cao and Lewis Jackson in Beijing and Sybille de La Hamaide in Paris; Editing by Harikrishnan Nair, Rashmi Aich, David Goodman, Sandra Maler and Deepa Babington)
Yahoo
2 days ago
- Business
- Yahoo
Can Soybean Prices Keep Trending Higher?
November soybean futures (ZSX25) present a buying opportunity on more price strength. See on the daily bar chart for November soybean futures that prices are starting to trend higher and have just hit a four-month high. See, too, at the bottom of the chart that the moving average convergence divergence (MACD) indicator is in a bullish posture as the red MACD line has just crossed above the blue trigger line and both lines are trending up. The soybean bulls have the near-term technical advantage. Coffee Prices Pressured by Rain in Brazil Grains, Unrest, & Gold: What Middle East Tensions Mean for Your Portfolio Now West African Rain Benefits Cocoa Crops and Undercut Prices Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Most of the U.S. soybean crop is entering its more important months of plant growth, with August being the most critical. History shows that odds favor some degree of a weather-market scare developing in the coming weeks, which would boost prices. Also, the U.S. is starting to nail down trade agreements with its major counterparts. U.S.-China trade relations have also improved recently. These elements, especially a U.S.-China trade dialogue, are friendly for the soybean market, arguing for better U.S. soybean exports in the coming months. China is a major importer of soybeans. A move in November soybeans above chart resistance at this year's high of $10.75 3/4 would become a buying opportunity. The upside price objective would be $11.85 or above. Technical support, for which to place a protective sell stop just below, is located at $10.30. IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any trades and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature. Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%): Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you. On the date of publication, Jim Wyckoff did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
2 days ago
- Business
- Zawya
Chicago soybeans slip after three-day rally
BEIJING/PARIS - Chicago soybean futures eased on Wednesday as traders booked profits after a three-day price rally driven by strength in soyoil and the broader energy market, with continuing tariff uncertainty also pressuring prices. The most active soybean contract on the Chicago Board of Trade was 0.2% down by 1055 GMT at $10.71-3/4 a bushel, though still hovering near a one-month high. Support for agricultural commodities such as soybeans and corn has been underpinned by rising energy prices, fuelled by escalating tensions between Israel and Iran. Higher crude oil prices improve the competitiveness of soyoil and corn as biofuel feedstocks. Market participants are keeping a close eye on developments in U.S. biofuel policy. A tax bill proposed by Senate Republicans on Monday would extend a clean fuel tax credit through 2031 but reduce its value by 20% for biofuels made from feedstocks produced outside the United States. Traders are also monitoring tariff developments between Washington and Beijing, the largest buyer of U.S. soybeans. China's move to reduce soymeal use in animal feed could lower soybean imports by about 10 million metric tons by 2030, easing its reliance on foreign supply. In top producer Brazil, soy exports are forecast to reach 14.37 million tons in June, up from 14.08 million tons the previous week, said Anec, a Brazilian trade group representing grain exporters. Corn futures rose 0.17% to $4.32-1/4 a bushel, supported by uncertainty over crop weather in the U.S. Midwest, with traders awaiting more definitive forecasts. Wheat futures rose 0.55% to $5.52 a bushel, buoyed by a slower than average U.S. winter wheat harvest, which reached 10% completion compared with a five-year average of 16%. Farm office FranceAgriMer has increased its forecast for French soft wheat exports within and outside the European Union in 2024/25, but the EU's biggest grain producer is still on course for its worst wheat export campaign this century after a rain-hit harvest. Prices at 1055 GMT Last Change Pct Move CBOT wheat 552.00 3.00 0.55 CBOT corn 432.25 0.75 0.17 CBOT soy 1071.75 -2.25 -0.21 Paris wheat 202.75 0.75 0.37 Paris maize 189.00 0.25 0.13 Paris rapeseed 492.00 -0.50 -0.10 Euro/dlr 1.15 0.00 0.13 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne
Zawya
3 days ago
- Business
- Zawya
Chicago soybeans flat on favourable weather, soyoil supports
BEIJING/PARIS - Chicago soybean futures were flat on Tuesday, torn between favourable U.S. crop weather and still strong soyoil prices despite a small fall after a sharp two-day rally, fuelled by surging crude oil and stronger U.S. biofuel blending mandates. The most-active soybean contract was unchanged at $10.69-3/4 per bushel, as of 1145 GMT. Soybeans had touched a one-month high and soyoil a 20-month high on Monday. Analysts said Iran-Israel tensions could add volatility to grain markets through energy price shocks. "At present eyes across all markets are on what is occurring in the Middle East," said Andrew Whitelaw, agricultural consultant at Episode 3. "The region is a huge contributor to the energy markets, and these markets have a huge impact on grain pricing levels." Soyoil dropped 0.3% at 54.95 cents per pound, as traders took profits, removing some support for soybeans. Soyoil is used to make biodiesel, and is therefore influenced by oil prices. These rose on Tuesday on rising disruptions from the Iran-Israel conflict, although major oil and gas infrastructure and flows have so far been spared from any substantial impact. The oilseed also continues to face headwinds from weak demand, tariff uncertainty and global competition. Corn slipped 0.06% to $4.35 a bushel, pressured by beneficial weekend rains across key growing regions, including parts of the Plains and the northwest and southeastern Midwest. However, strong export data helped curb losses. U.S. corn inspections in the latest week reached about 1.67 million metric tons, at the high end of trade expectations. Weekly condition ratings for the country's corn crop also improved and were tied for the highest for this time of the season in several years, according to U.S. government data. Soybean ratings declined. rose 0.65% to $5.40 a bushel, though harvest pressure capped gains. The U.S. winter wheat harvest is expanding after a slow start. The USDA said the winter wheat crop was 10% harvested, up from 4% a week ago but behind the five-year average of 16%. Analysts on average had estimated harvest progress at 11%. In France , the farm ministry on Tuesday forecast a strong rebound of the country's 2025 winter barley and rapeseed production from rain-hit crops last season. Commodity funds were net buyers of Chicago Board of Trade soyoil futures contracts on Monday and net sellers of corn, soymeal, wheat and soybean futures, traders said. Prices at 1145 GMT Last Change Pct Move CBOT wheat 540.00 3.50 0.65 CBOT corn 435.00 0.25 0.06 CBOT soy 1069.75 0.00 0.00 Paris wheat 199.75 -0.50 -0.25 Paris maize 185.75 0.25 0.13 Paris rapeseed 490.00 1.00 0.20 Euro/dlr 1.16 0.00 0.03 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne
