Latest news with #MattAmmermann
Zawya
13 hours ago
- Business
- Zawya
Soyoil around 18-month highs, grains fall on good crop weather
HAMBURG - Chicago soyoil hit its highest in around 18 months on Monday, supported by U.S. biofuel blending proposals that are likely to increase demand, while favourable U.S. weather conditions drove wheat and corn lower. Crude oil fell after renewed military strikes by Israel and Iran over the weekend left oil production and export facilities unaffected, easing concern about disruption of crude supplies. That removed some of the support for soybean prices, which tend to move in tandem with oil, that was seen on Friday. The larger-than-expected biofuel blend proposals, however, still supported the soy complex. The Chicago Board of Trade's most-active soyoil rose 5.7% to 53.50 cents per pound at 1131 GMT, around its highest since December 2023. Soyoil gains also pulled soybeans up 0.1% at $10.71-3/4 per bushel. Wheat fell 1.2% to $5.37-1/4 a bushel as the U.S. winter wheat harvest accelerates. Corn fell 1.1% to $4.39-1/2 a bushel, weakened by favourable weather forecasts for crop development in the U.S. corn belt. 'Soybeans and soyoil are being underpinned by the Trump administration's larger-than-expected biofuel blending proposals which would generate more demand for soyoil and so soybeans," said Matt Ammermann, StoneX commodity risk manager. "The Trump Administration is not known to be renewable energy-friendly, but the substantial increase could be intended to reduce the sting of the trade war with China, which has hugely damaged U.S. soy exports to China.' Traders await weekly crop ratings on Monday from the U.S. Department of Agriculture, with U.S. winter wheat harvesting accelerating, corn and soybean planting is finishing. 'Wheat and corn are weaker today as crop weather in the U.S. is looking very positive this week, with just the right mix of sunshine needed for the winter wheat harvest with a little rain needed for corn development,' said Ammermann. 'Other north hemisphere wheat crops are also looking good, especially in the Black Sea. This raises the prospects of extra competition from the Black Sea to exporters in the U.S. and other regions.'
Zawya
19-05-2025
- Business
- Zawya
Soybean prices rebound, improved US weather limits upside
HAMBURG - Chicago soybeans, corn and wheat rose on Monday, supported by a weaker dollar which makes U.S. supplies cheaper in export markets. Gains were limited by expectations the U.S. Department of Agriculture (USDA) will give a positive picture of U.S. crops in its weekly condition report later on Monday. Chicago Board of Trade most-active soybeans rose 0.4% to $10.54-3/4 a bushel at 1119 GMT. Wheat rose 0.9% to $5.29-3/4 a bushel, corn rose 0.7% to $446-3/4 a bushel. "The weaker dollar today is supportive for wheat, corn and soybeans despite expectations of good U.S. crop conditions with favourable weather continuing in the U.S. grain belts," said Matt Ammermann, StoneX commodity risk manager. "U.S. wheat is about the cheapest in the world although demand for U.S. wheat is thin. Saudi Arabia made a large purchase today which is expected to be sourced from the Black Sea, but will at least take some rival supplies out of the market." Saudi Arabia's purchase of 621,000 metric tons of wheat on Monday was anticipated by traders to mostly come from Russia, Romania and Bulgaria. "Soybeans and corn are also seeing support from hopes the U.S. will soon agree more trade deals which could involve better market access for U.S. agricultural commodities," Ammermann said. "The U.S. and India are starting trade talks. There is also still hope that China, such a big buyer of soybeans and corn, will agree a new trade deal with the U.S." "But rises are limited by belief the weekly U.S. crop conditions report later today will give a positive picture of soybean and corn crop development and sowings." Beneficial planting and growing conditions for soybeans and corn crops in the U.S. Midwest have recently put downward pressure on prices, with welcome rain forecast in U.S. grain belts.
Zawya
17-04-2025
- Business
- Zawya
Wheat up as U.S. rain assessed, corn and soybeans drift
Chicago wheat futures rose on Thursday, supported by concern about dryness in some U.S. wheat production regions despite some recent rain, while more wheat import demand was also seen. Soybeans and corn were mixed as dealers awaited news about possible trade talks between China and the United States, which could restart U.S. soybean exports to China. Chicago Board of Trade most-active wheat rose 0.6% to $5.64-3/4 a bushel at 1205 GMT. Corn fell 0.2% to $4.90-1/2 a bushel, soybeans fell 0.07% to $10.39-1/2 a bushel. There was a risk-off mood ahead of the long Easter weekend. "Wheat is being supported today as the market continues to assess rain in the U.S. grain belts," said Matt Ammermann, StoneX commodity risk manager. "The forecasted rains that were hoped for in U.S. hard red winter wheat production regions continues to be less and less. Rains are forecast but they keep shifting more eastward so the need for rains in dry hard red winter areas remains." "There are also signs of more wheat demand after a very quiet period, with a large purchase of around 600,000 (metric) tons by Algeria and Tunisia also in with a purchase tender today." China has imposed tariffs on the United States, which traders say will stop the traditionally huge U.S. soybean sales to China for the immediate future. But the impact of the trade war has already been factored into prices, turning market attention to other factors, analysts said. "Corn is slightly weaker, with news lacking to feed the bullish impetus today, as U.S. weather is non-threatening to crops and output of U.S. ethanol, partly produced from corn, is also weak," Ammermann said. "Soybeans are little changed as possible U.S.-China trade talks are awaited. There is also concern about the Trump administration's biofuel policy which could impact some biofuel plants in the U.S. Midwest." (Reporting by Michael Hogan in Hamburg, additional reporting by Peter Hobson in Canberra; Editing by Eileen Soreng and Leroy Leo)
Zawya
27-01-2025
- Business
- Zawya
Soybeans, wheat and corn fall on Argentine export tax cuts
Chicago soybeans fell on Monday as Argentina's cut in grains export taxes raised expectations of larger shipments from the South American producer in competition to U.S. supplies. Wheat and corn also fell as Argentina's tax reductions could also spark more exports and on expectations U.S. President Donald Trump's administration may soon impose trade tariffs. Chicago Board of Trade most-active soybeans fell 0.7% to $10.47-1/2 a bushel at 1203 GMT after earlier hitting $10.40 a bushel, the lowest since Jan. 21. Wheat fell 0.5% to $5.41 a bushel, corn fell 0.9% to $4.82 a bushel. Argentina's unexpected move could trigger a surge in its exports, while longer-term it could boost production. 'The announcement of lower Argentine export taxes continues to weaken wheat, corn and soybeans today as potentially this will bring more competition in export markets to U.S. soybeans and grains,' said Matt Ammermann, StoneX commodity risk manager. 'Argentine wheat is already just about the cheapest in the world and any move which brings more into the global market will be bearish. This is currently overriding concern about frost damage to U.S. wheat.' Argentina is the world's top exporter of processed soy oil and meal, the No. 3 exporter of corn and a major producer of wheat. Falls in wheat prices were limited by fears cold weather may have killed as much as 15% of the U.S. winter wheat crop in U.S grainbelts. 'There are also other bearish factors today including decent rains in Argentina and Brazil which are favourable for soybean crops,' Ammermann said. 'Markets rose last week on relief that the new Trump administration did not announce immediate tariffs on imports which could spark trade wars hitting agricultural commodities.' 'But there is a growing impression that tariffs will be imposed at some time which is another bearish factor today.' (Reporting by Michael Hogan in Hamburg, additional reporting by Naveen Thukral in Singapore; Editing by Subhranshu Sahu and Tomasz Janowski)
