CHICAGO: Chicago Board of Trade wheat futures rose for the fourth day in a row on Monday on prospects for improved world demand for US supplies amid expectations that Ukraine will establish a grain export ban on in the middle of November, traders said.
* The benchmark Chicago Board of Trade December wheat contract failed to close above its 50-day moving averages despite the gains. Prices have not closed above that key technical resistance level since Sept. 28.
* The US Agriculture Department said on Monday that export inspections of wheat were 16.402 million bushels, up from 7.003 million a week earlier and in line with estimates for 13 million to 17 million.
* Taiwan Flour Mills Association tendered to buy 104,000 tonnes of milling wheat from the United States for shipment in November and December.
* Ukraine has exported 3.15 million tonnes of milling wheat and 676,000 tonnes of feed wheat so far this crop year, the country's Agriculture Ministry said on Monday.
* The lowest offer in Iraq's tender to buy 50,000 tonnes of wheat was for Romanian or Hungarian wheat at $401.56 a tonne c&f, European traders said on Monday.
* Syria's General Establishment for Cereal Processing and Trade (Hoboob) said on Monday it bought 100,000 tonnes of Black Sea origin wheat at 287 euros a tonne, on a cost and freight basis.
Chicago Board of Trade corn futures were lower on profit-taking following four consecutive sessions of gains, traders said.
* Large speculators cut their bullish bets on corn futures during the week ended last Tuesday, according to the Commodity Futures Trading Commission.
* Occasional showers over the next week to 10 days will cause minor delays in harvesting the remaining US corn and soybean crops, an agricultural meteorologist said on Monday. "We're stepping away from Midwest harvest weather since there's so little harvest left," said John Dee, meteorologist for Global Weather Monitoring.
* A Reuters poll of 13 analysts forecast that USDA would report Monday afternoon that US corn harvest was 89 percent complete and soybean harvest 82 percent complete as of Oct. 21.
* Top US agriculture officials on Monday faced questions about quarterly estimates for corn inventories that have frustrated traders and roiled markets for the past two years. Traders raised their concerns about supply estimates at the USDA's annual meeting in Chicago for users of agricultural data.
* Spot basis bids for corn were steady to mixed around the US Midwest on Monday as a slow pace of farmer sales supported bids while the advancing harvest pressured the basis at some locations, grain merchants said.
* Key resistance for the December contract is at its 50-day moving average of $7.73-1/4 and key support is at the 100 day moving average of $7.25-1/4.
Soybean futures on the Chicago Board of Trade rose to a one-week high, buoyed by a firm cash market and reminders of the strong pace of US soy exports, traders said.
* USDA reported export inspections of US soybeans in the latest week at 61.422 million bushels, well above trade expectations for 46 million to 49 million.
* The spot November soybean contract settled above its 20-day moving average at $15.44-3/4, a bullish sign, but it encountered resistance at the 100-day average near $15.60.
* Soymeal followed soybeans higher, also supported by strength in the cash market, while soyoil posted only slight gains.
* Cash soybean markets were steady to mixed in the US Midwest interior on Monday but values had a firm tone as the harvest wound down and producer selling remained slow, traders said. Analysts expected USDA later on Monday to report the US soybean harvest as 82 percent complete, up from 71 percent by Oct. 14.
* Expectations of a large South American soy harvest capped gains. Brazilian analyst Safras e Mercado raised its forecast of Brazil's 2012/13 soybean crop to a record 82.5 million tonnes, from its July estimate of 82.3 million, as farmers planted more than expected.
* Showers are forecast for Brazil's southern soy belt in coming days while the center-west will continue to receive below-average rainfall, local forecaster Somar said. The moisture could cause short-term planting delays but add beneficial soil moisture going forward.
Comments
Comments are closed.