Soybeans reached a more than one- week high in Chicago as a government report showed an increase in U.S. export inspections, signaling rising demand. Corn also gained.
About 40.3 million bushels of soybeans were inspected for export for the week ended Feb. 28, up 45 percent from the prior period, the U.S. Department of Agriculture said yesterday. Corn inspections gained 34 percent to 15.7 million bushels.
“Weekly export inspections in the U.S. as well as firm cash markets point to strong demand for corn and soybeans,” Joyce Liu, an investment analyst at Phillip Futures Pte, said by phone from Singapore. “Demand in the soybean market for nearby old-crop supplies is strong, yet supply is limited.”
Soybeans for delivery in May advanced 0.4 percent to $14.685 a bushel at 6:24 a.m. on the Chicago Board of Trade. The oilseed climbed for a fourth session in five and touched $14.69, the highest for a most-active contract since Feb. 22. Corn for the same delivery month rose 0.4 percent to $7.06 a bushel.
Wheat for delivery in May was little changed at $7.0275 a bushel in Chicago, after yesterday reaching $6.975, the lowest for a most-active contract since June 25. Trading volume was 37 percent lower than the 100-day average today for this time of day. In Paris, milling wheat for the same delivery month increased 0.6 percent to 236.25 euros ($307.90) a metric ton on NYSE Liffe.
Storm Warning
Gains in crop prices may be capped on speculation snow in the U.S. Midwest will boost soil moisture and aid new-crop plantings, Liu said. Areas of the upper Midwest from North Dakota to Ohio were under a winter storm warning today, with some regions expected to receive as much as 12 inches (30 centimeters) of snow, according to the National Weather Service.
The outlook for more moisture in the U.S. will “help to reassure operators regarding the prospects of the upcoming harvest,” Paris-based farm adviser Agritel said today in a report on its website.
The USDA is scheduled to update its forecasts for U.S. and world crops on March 8. The agency may boost its outlook for U.S. wheat inventories before the 2013 harvest to 702 million bushels, from 691 million bushels estimated in February, according to a Bloomberg News survey of analysts. World stockpiles of corn, wheat and soybeans may be smaller than previously estimated, analysts said.
For more Information Plz log on to www.rpshares.com
About 40.3 million bushels of soybeans were inspected for export for the week ended Feb. 28, up 45 percent from the prior period, the U.S. Department of Agriculture said yesterday. Corn inspections gained 34 percent to 15.7 million bushels.
“Weekly export inspections in the U.S. as well as firm cash markets point to strong demand for corn and soybeans,” Joyce Liu, an investment analyst at Phillip Futures Pte, said by phone from Singapore. “Demand in the soybean market for nearby old-crop supplies is strong, yet supply is limited.”
Soybeans for delivery in May advanced 0.4 percent to $14.685 a bushel at 6:24 a.m. on the Chicago Board of Trade. The oilseed climbed for a fourth session in five and touched $14.69, the highest for a most-active contract since Feb. 22. Corn for the same delivery month rose 0.4 percent to $7.06 a bushel.
Wheat for delivery in May was little changed at $7.0275 a bushel in Chicago, after yesterday reaching $6.975, the lowest for a most-active contract since June 25. Trading volume was 37 percent lower than the 100-day average today for this time of day. In Paris, milling wheat for the same delivery month increased 0.6 percent to 236.25 euros ($307.90) a metric ton on NYSE Liffe.
Storm Warning
Gains in crop prices may be capped on speculation snow in the U.S. Midwest will boost soil moisture and aid new-crop plantings, Liu said. Areas of the upper Midwest from North Dakota to Ohio were under a winter storm warning today, with some regions expected to receive as much as 12 inches (30 centimeters) of snow, according to the National Weather Service.
The outlook for more moisture in the U.S. will “help to reassure operators regarding the prospects of the upcoming harvest,” Paris-based farm adviser Agritel said today in a report on its website.
The USDA is scheduled to update its forecasts for U.S. and world crops on March 8. The agency may boost its outlook for U.S. wheat inventories before the 2013 harvest to 702 million bushels, from 691 million bushels estimated in February, according to a Bloomberg News survey of analysts. World stockpiles of corn, wheat and soybeans may be smaller than previously estimated, analysts said.
For more Information Plz log on to www.rpshares.com
No comments:
Post a Comment