EUR/USD 1.17292
-0.215%
Gold 3416.38
-0.442%
Oil 64.791
-0.792%
USD/JPY 146.485
-0.087%
GBP/USD 1.35512
0.137%
GBP/JPY 198.509
0.046%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The Eurozone’s preliminary consumer confidence index for July was -14.7, expected to be -15, and the previous value was -15.3.On July 23, Nick Timiraos, the "Federal Reserve mouthpiece", said that Trump said that if the Federal Reserve lowered short-term interest rates, the United States interest payments would be reduced by $1 trillion a year. The United States spent $1.1 trillion on interest payments in 2024, so this statement is almost impossible to be true.July 23, gold futures prices fell slightly after three consecutive days of gains. MUFG analysts said in a report that gold prices fell slightly as the US-Japan trade agreement calmed market tensions. The agency said the agreement marked some progress in broader trade negotiations before the upcoming US tariffs on August 1, reducing demand for safe-haven assets such as gold. Analysts wrote that despite the decline in gold prices, gold prices have risen by nearly 30% so far this year due to ongoing global trade tensions and geopolitical conflicts. MUFG added that the market is also paying attention to the upcoming outlook for the Federal Reserves monetary policy, as Treasury Secretary Bessants recent remarks have eased concerns about the independence of the Federal Reserve.July 23, Algebris Investments analyst Gabriele Foa said in a report that due to the uncertainty of tariffs, the European Central Banks interest rate cuts may exceed the markets current expectations. The portfolio manager said: "Trade tensions and tariff progress may make the end of the reduction cycle slightly lower than current market expectations." LSEG data shows that the money market currently expects the European Central Bank to cut interest rates by another 25 basis points in December. Foa said that the spillover effects of tariffs on Europe may take longer to appear.General Motors (GM.N) rose nearly 5 percent after falling about 8 percent in the previous session.

Soybeans Rise With A Thin Cover, As Do Wheat And Corn

Charlie Brooks

Nov 02, 2022 14:40

11.png


Traders reported a nearly 2% surge in U.S. soybean futures on Tuesday, driven by short-covering as the U.S. harvest winds down, optimism for export sales to China, and concern over the availability of South American supplies.


Wheat futures rebounded from early declines as traders focused on the unpredictability of grain supplies from the Black Sea export corridor and crop concerns in the Southern Hemisphere. Corn followed the hardness trend.


After reaching a contract high of $14.49 per bushel on September 23, the January contract for soybeans closed up 28-1/4 cents at $14.47-3/4 per bushel.


CBOT Wheat for December finished at $9.02-1/2 per bushel, an increase of 20-1/4 cents, while corn for December closed at $6.97-3/4 per bushel, an increase of 6-1/4 cents.


As a result of chart-driven purchasing, the benchmark January contract for soybeans rose beyond its October trading range.


"We are chasing out a lot of shorts with this move," said Terry Linn, an analyst with Linn and Associates in Chicago, adding that obstructions by protesters in Brazil, the largest soy exporter in the world, were also cause for concern.


The principal entry road to Brazil's Paranagua port, the country's second-busiest for grain exports, remained blocked by protestors on Tuesday, as supporters of outgoing Brazilian President Jair Bolsonaro demonstrated over his narrow election loss to the left-leaning Luiz Inácio Lula da Silva.


Linn noted, "there was concern that this could persist and have a severe impact on agricultural flows and exports."


The outlook for soy output in Brazil remains optimistic. StoneX commodity brokerage raised its 2022/23 soybean crop forecast from 153.8 million tonnes to 154.35 million tonnes.


According to the U.S. Department of Agriculture, as of October 30, 88% of the crop has been harvested. The corn harvest was 76% complete.


Concerns about the future of grain exports from war-torn Ukraine pushed CBOT wheat prices to their highest level in two weeks. According to industry insiders, insurers no longer issue new cargo insurance coverage for Black Sea exports via a U.N.-backed safe corridor after Russia's withdrawal from the corridor.


In the meantime, the Argentine government is ready to announce measures that will allow wheat exporters to delay shipments following the devastation of the harvest by a severe drought.


Additionally, dry conditions have affected the 2023 winter wheat harvest in the United States. Monday, the USDA rated 28% of the crop as good to excellent, the lowest percentage for this time of year since records began in 1987.

Suggestion