BEIJING/PARIS: Chicago soybean futures slipped on Thursday, pressured by a stronger US dollar and easing concerns over dryness in key exporter Argentina, while investors looked for more clarity on US President-elect Donald Trump’s tariff plans.
Corn rose as traders repositioned ahead of a US Department of Agriculture crop report on Friday. The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.7% at $9.8 a bushel as of 1155 GMT, while corn was up 0.1% to $4.54-1/2 a bushel. The market will close early on Thursday to honour the passing of former US President Jimmy Carter.
The US dollar charged ahead on rising bond yields, following a report that Trump was considering the use of emergency measures to allow for a new tariff programme. A stronger dollar makes US grains more expensive for buyers holding other currencies, thus less competitive overseas.
Traders were awaiting the US crop data for supply and demand insights. Agricultural consultant Andrew Whitelaw of Episode 3 in Canberra noted that while the USDA report could prompt some market repositioning, “a tight, range-bound market” was expected.
Market players were also monitoring weather developments in key South American growing regions, with rain forecasts for Argentina in mid-January dispelling dryness worries.
Comments
Comments are closed.