Soybeans rise after downgrade of crops and corn falls despite sales to China

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Poke Julie Ingwersen

CHICAGO, USA, Jul 14 (Reuters) – US soybean futures rose on Tuesday after weekly crop condition indices fell, but the improved weather in the Midwest producing region remained calm by supporting expectations for large harvests, operators said.

* Corn closed lower, despite news of a huge Chinese purchase of US corn.

* Wheat strengthened, driven by global export business and declining crop size estimates in Russia, the world’s leading wheat supplier.

* The most active soybean futures for November on the Chicago Stock Exchange they rose 2.25 cents to $ 8.7750 per bushel. The strength of the allied Soybean Oil and Palm Oil Futures lent support.

* Wheat for September earned 2 cents at $ 5.2675 per bushel, while corn for December It dropped 2 cents to $ 3.3375 per bushel.

* Corn futures fell at the end of the session despite the news that China reserved its largest single-day purchase of US corn, buying 1.762 million tons of the grain. The deal followed a sale of 1.365 million tons of corn to China announced on July 10.

* Market reaction to China’s latest sale, confirmed by the United States Department of Agriculture, was muted by the abundance of supplies of old crops and the prospects for large harvests this fall.

* “This is a pretty good number. But in the end, even if the US Department of Agriculture increased its export forecast by 100 million bushels, we would still have a great harvest,” said Terry Reilly, principal analyst at Futures International in Chicago. .

* In a weekly report on Monday’s crop progress, the USDA rated 69% of the United States corn crop as good or excellent, down from 71% last week.

* Rated 68% of the soybean crop good to excellent, also below the previous 71%. Analysts, on average, expected smaller declines.

(Additional report by Michael Hogan in Hamburg and Colin Packham in Sydney; Edited in Spanish by Javier López de Lérida)

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