Latest news with #Anec
Zawya
10 hours ago
- Business
- Zawya
Chicago soybeans slip after three-day rally
BEIJING/PARIS - Chicago soybean futures eased on Wednesday as traders booked profits after a three-day price rally driven by strength in soyoil and the broader energy market, with continuing tariff uncertainty also pressuring prices. The most active soybean contract on the Chicago Board of Trade was 0.2% down by 1055 GMT at $10.71-3/4 a bushel, though still hovering near a one-month high. Support for agricultural commodities such as soybeans and corn has been underpinned by rising energy prices, fuelled by escalating tensions between Israel and Iran. Higher crude oil prices improve the competitiveness of soyoil and corn as biofuel feedstocks. Market participants are keeping a close eye on developments in U.S. biofuel policy. A tax bill proposed by Senate Republicans on Monday would extend a clean fuel tax credit through 2031 but reduce its value by 20% for biofuels made from feedstocks produced outside the United States. Traders are also monitoring tariff developments between Washington and Beijing, the largest buyer of U.S. soybeans. China's move to reduce soymeal use in animal feed could lower soybean imports by about 10 million metric tons by 2030, easing its reliance on foreign supply. In top producer Brazil, soy exports are forecast to reach 14.37 million tons in June, up from 14.08 million tons the previous week, said Anec, a Brazilian trade group representing grain exporters. Corn futures rose 0.17% to $4.32-1/4 a bushel, supported by uncertainty over crop weather in the U.S. Midwest, with traders awaiting more definitive forecasts. Wheat futures rose 0.55% to $5.52 a bushel, buoyed by a slower than average U.S. winter wheat harvest, which reached 10% completion compared with a five-year average of 16%. Farm office FranceAgriMer has increased its forecast for French soft wheat exports within and outside the European Union in 2024/25, but the EU's biggest grain producer is still on course for its worst wheat export campaign this century after a rain-hit harvest. Prices at 1055 GMT Last Change Pct Move CBOT wheat 552.00 3.00 0.55 CBOT corn 432.25 0.75 0.17 CBOT soy 1071.75 -2.25 -0.21 Paris wheat 202.75 0.75 0.37 Paris maize 189.00 0.25 0.13 Paris rapeseed 492.00 -0.50 -0.10 Euro/dlr 1.15 0.00 0.13 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne
Business Recorder
10 hours ago
- Business
- Business Recorder
Chicago soybeans slip after three-day rally
BEIJING/PARIS: Chicago soybean futures eased on Wednesday as traders booked profits after a three-day price rally driven by strength in soyoil and the broader energy market, with continuing tariff uncertainty also pressuring prices. The most active soybean contract on the Chicago Board of Trade was 0.2% down by 1055 GMT at $10.71-3/4 a bushel, though still hovering near a one-month high. Support for agricultural commodities such as soybeans and corn has been underpinned by rising energy prices, fuelled by escalating tensions between Israel and Iran. Higher crude oil prices improve the competitiveness of soyoil and corn as biofuel feedstocks. Market participants are keeping a close eye on developments in U.S. biofuel policy. A tax bill proposed by Senate Republicans on Monday would extend a clean fuel tax credit through 2031 but reduce its value by 20% for biofuels made from feedstocks produced outside the United States. Chicago soybeans slip on favourable weather, weaker soyoil Traders are also monitoring tariff developments between Washington and Beijing, the largest buyer of U.S. soybeans. China's move to reduce soymeal use in animal feed could lower soybean imports by about 10 million metric tons by 2030, easing its reliance on foreign supply. In top producer Brazil, soy exports are forecast to reach 14.37 million tons in June, up from 14.08 million tons the previous week, said Anec, a Brazilian trade group representing grain exporters. Corn futures rose 0.17% to $4.32-1/4 a bushel, supported by uncertainty over crop weather in the U.S. Midwest, with traders awaiting more definitive forecasts. Wheat futures rose 0.55% to $5.52 a bushel, buoyed by a slower than average U.S. winter wheat harvest, which reached 10% completion compared with a five-year average of 16%. Farm office FranceAgriMer has increased its forecast for French soft wheat exports within and outside the European Union in 2024/25, but the EU's biggest grain producer is still on course for its worst wheat export campaign this century after a rain-hit harvest.
Zawya
12-03-2025
- Business
- Zawya
Soybeans face headwinds from large Brazilian supply, wheat rises
SINGAPORE: Chicago soybean futures were largely unchanged on Wednesday, holding near last session's one-week low, with abundant South American supplies and uncertainty over the impact of a trade war on U.S. agricultural sales keeping a lid on the market. Corn was unmoved, while wheat prices edged higher. "Soybean supplies are pretty comfortable if you look at Brazilian crop which is entering the market," said one trader in Singapore. "But going forward, the market will take direction from U.S. planting." The most-active soybean contract on the Chicago Board of Trade (CBOT) was flat at $10.11-1/4 a bushel, as of 0312 GMT. Wheat added 0.6% to $5.60-1/4 a bushel and corn was unchanged at $4.70-1/4 a bushel. Soybeans are under pressure from hefty South American supplies hitting the global market. Brazil's soybean exports are expected to reach 15.45 million metric tons in March, up more than 4% compared with last week's forecast, as the country continues to harvest its massive new crop, according to data from the grain exporters lobby Anec. Corn prices were weighed down on Tuesday after the U.S. government left domestic corn inventories unchanged in a monthly supply-and-demand report - despite strong export sales and trade tensions with top buyer Mexico. The U.S. Department of Agriculture pegged 2024-25 U.S. corn stocks at 1.54 billion bushels and exports at 2.45 billion bushels, both unchanged from February. Analysts had expected stocks to decline to 1.516 billion bushels due to robust demand, according to a Reuters poll. Traders and farmers are keeping a close eye on exports amid U.S. tariff disputes, with major buyers Mexico, Canada and China threatening sales of U.S. agricultural goods. Commodity funds were net sellers of Chicago Board of Trade corn, soybean, wheat and soymeal futures contracts on Tuesday, and net buyers of soyoil futures, traders said. (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips and Varun H K)
