Soybeans fall from 6-day high on ample global supplies

The most active corn futures were down 0.5% at $5.30-1/4 a bushel

  
Soybeans are pictured after being loaded on a truck at a farm in Caaguazu, Paraguay February 17, 2020. Image used for illustrative purpose.

Soybeans are pictured after being loaded on a truck at a farm in Caaguazu, Paraguay February 17, 2020. Image used for illustrative purpose.

REUTERS/Jorge Adorno

CANBERRA: U.S. soybean futures edged lower on Tuesday, retreating from a six-day high touched in the previous session, as ample global supplies weighed on prices.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade Sv1 were down 0.4% at $12.17 a bushel by 0115 GMT, having firmed 0.3% on Monday when prices hit an Oct. 12 high of $12.25-1/4 a bushel.

* The most active corn futures were down 0.5% at $5.30-1/4 a bushel, having gained 1.3% in the previous session.

* The most active wheat futures Wv1 were up 0.2% at $7.38 a bushel, having closed up 0.3% on Monday.

* The U.S. soybean harvest was 60% complete as of Sunday, the U.S. Department of Agriculture (USDA) said in a weekly crop progress report on Monday, ahead of the five-year average of 55% but behind the average estimate in a Reuters analyst poll. 

* Analysts surveyed by Reuters on average had expected soybean harvest progress to reach 62%.

* The U.S. corn crop was 52% harvested, the USDA said, ahead of the five-year average of 41% but behind the average analyst expectation of 54%.

* Russia, a top global exporter, may increase its wheat crop to 80.7 million tonnes in 2022 from 75.5 million tonnes in 2021, Sovecon, one of the leading agriculture consultancies in Moscow, said in a note. 

MARKET NEWS

* The dollar languished near the bottom of its recent range against major peers on Tuesday, knocked back by weak U.S. factory data overnight and on market wagers of faster normalisation of monetary policy in other countries. 

* Oil prices pulled back after touching multi-year highs on Monday, trading mixed as U.S. industrial output for September fell, tempering early enthusiasm about demand. 

* Global stock indexes mostly rose on Monday following gains in U.S. mega-cap technology and other growth names, while five-year Treasury yields rose to their highest levels since early 2020. 

(Reporting by Colin Packham; Editing by Subhranshu Sahu) ((colin.packham@thomsonreuters.com; +61-2 9321 8161; Reuters Messaging: colin.packham.thomsonreuters.com@reuters.net))


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