US MIDDAY: soya and wheat up

22 Dec, 2010

Chicago Board of Trade grain and soya complex pre-opening calls at 9:16 am CST (1516 GMT) on Tuesday. CBOT January agricultural options expire on Thursday. La Nina may be at its peak - Australian weather bureau. Wheat up 1 to 3 cents per bushel. Market supported by concerns about tight supplies of quality wheat following weather problems in Australia and dry conditions in the US Plains.
Softer dollar lends support. Wheat also seen as oversold following active corn/wheat spreading this month. Corn stayed steady to up 1 cent per bushel. Soyabean up 1 to 3 cents per bushel. Spot contract set a 5-1/2-week high at $13.19-1/4 during Globex trade on continued worries about Argentine crop prospects. Weaker dollar lends support. Argentine soya crop may fall to 43 million tonnes, said Oil World.

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