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GRAINS-Corn, soybeans down regardless of China buy; climate eyed – Agricultural Commodities

(Updates costs, provides quotes, modifications byline/dateline from PARIS/SYDNEY to CHICAGO)

* Cooler climate is anticipated to hit the U.S. Midwest

* Soybeans bought to non-public Chinese language purchaser

By Barbara Smith

CHICAGO, Aug 1 (Reuters) – U.S. corn and soybean futures fell on Thursday on a extra favorable climate outlook for U.S. crops, as merchants shrugged off a small new crop soybean sale to China.

Forecasts for cooler climate eased issues concerning the prospects for the approaching crop. Circumstances for the U.S. Midwest predicted below-average temperatures for this time of 12 months, with rains hitting the Southern Plains.

“These 70-80°F (21.1-26.6°C) days are the right climate for the corn to mature,” mentioned John Dee, president and proprietor of World Climate Monitoring.

Dee cautioned that the late planting season made analysts not sure whether or not crops have been going to pollinate accurately. Some elements of the japanese corn belt will nonetheless be experiencing some dryness, he mentioned.

Essentially the most lively corn futures on the Chicago Board Of Commerce have been down 3-3/Four cents, or 0.9% at $4.06-1/Four a bushel by 11:43 a.m. (1543 GMT), having closed down 2.6% within the earlier session.

Analysts are ready for the U.S. Division of Agriculture (USDA) to launch its revised acreage numbers in a report due out on the 12th of August.

“This report will set the undertone for the situation of the crop,” mentioned Terry Reilly, senior agriculture analyst for Futures Worldwide.

Essentially the most lively wheat futures have been down 7-1/2 cents, or 1.5%, at $4.79-3/Four a bushel.

Essentially the most lively soybean futures have been down 7 cents, or .8% at $8.74-1/2- a bushel. Soybeans closed down 1.7% on Wednesday.

The newest spherical of U.S.-China commerce talks wrapped up on Wednesday with none seen indicators of progress to resolve the commerce struggle.

The U.S. Division of Agriculture on Thursday confirmed {that a} non-public Chinese language firm purchased 68,000 tonnes of soybeans within the week ended July 25, the primary soybean buy since Beijing supplied to exempt 5 crushers from import tariffs imposed greater than a 12 months in the past as a part of the U.S.-China commerce dispute.

In its weekly export gross sales report, the USDA additionally mentioned China purchased 66,800 tonnes of soybeans for 2018/19 supply, together with 62,000 tonnes that had beforehand been listed as headed for unknown locations. However China additionally canceled earlier purchases totalling 72,900 tonnes for the present advertising 12 months.

“These new purchases have already been factored into the market,” mentioned Reilly.

Reilly added that China might want to purchase a bigger amount of soybeans for the market to react. (Reporting by Barbara Smith in Chicago Further Reporting by Colin Packham in Sydney and Sybille de La Hamaide in Paris Enhancing by Emelia Sithole-Matarise and Jonathan Oatis)

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