05272016Fri
Last update: Fri, 27 May 2016 09pm

Americas

Markets - Commodities - Americas

Argentina govt sees 5.3mn hectare wheat planting for 2016/2017 season BUENOS AIRES: Argentina's government said on Thursday that it expects the grains-exporting country to plant 5.3 million hectares of wheat for the 2016/2017 season, the largest planting in nine years, thanks to tax changes and an easing of export caps. Additionally, the Agriculture Ministry increased its forecast for corn production to 37.9 million tonnes for the 2015/2016 season, from a prior projection of 37 million tonnes.Argentine agriculture has seen a boost since business-friendly President Mauricio Macri, who took office in December, eliminated taxes and export caps. The government said that the expected increase in wheat planting, from 4.37 million hectares the prior season, are based on improved "commercialization conditions". Argentina is a major global exporter of wheat and the fourth largest exporter of corn.The Buenos Aires Grain Exchange said earlier on Thursday that farmers began planting wheat for the 2016-17 season over the last week and should plant 4.5 million ...

Markets - Commodities - Americas

ICE cotton drops with other commodities on dollar pressure NEW YORK: Cotton futures sank on Thursday under pressure from a selloff in other commodities markets, including grains, as the dollar rallied."Most of this is outside markets," said Peter Egli, director of risk management at British merchant Plexus Cotton.Cotton contracts for July on ICE Futures US settled down 0.98 cent, or 1.6 percent, at 61.07 cents per lb. They traded within a range of 60.6 and 62.15 cents a lb. The cash to second-month spread ...

Markets - Commodities - Americas

Brazil's coffee crop 10pc harvested SAO PAULO: Brazil's bumper 2016/17 coffee harvest that started in robusta areas a few weeks ago is 10 percent complete as of May 18, up from 7 percent a week ago, local crop analysts Safras e Mercado said on Thursday in a note. Safras is forecasting a near-record harvest of 56.4 million bags, after two years of disappointing ones due to drought. Conillon, the variety of robusta grown in Brazil, typically harvests first in the ...

Markets - Commodities - Americas

Markets retreat as US dollar extends rally CHICAGO: US grain and soy futures dipped on Thursday as gains in the dollar prompted investors to take profits after recent rallies.Nearby soybeans retreated after climbing on Wednesday to levels not seen for a front-month contract since September 2014, while nearby corn fell a day after touching its second-highest level since July.Soybeans "are beginning to look a bit tired," said Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage in Iowa. And "corn is becoming a bit ...

Markets - Commodities - Americas

US Cash Grains-Corn bids mixed, soybeans mostly steady CHICAGO: Spot corn basis bids were mixed in the US Midwest on Thursday despite a pickup in farmer offerings this week as Chicago Board of Trade corn futures neared one-month highs, traders said.Farmer selling involved mostly old-crop corn, but growers sold some new-crop grain as well.CBOT July corn touched $4.00-1/2 per bushel on Wednesday but fell below $3.90 by 10:33 a.m CDT (1533 GMT) on Thursday, tracking broad weakness in commodities as the US dollar ...

Markets - Commodities - Americas

C$ hits a 6-week low amid weaker commodities, soft data TORONTO: The Canadian dollar weakened to a fresh six-week low against its broadly firmer US counterpart on Thursday as Federal Reserve interest rate hike speculation weighed on commodity markets, while domestic data was weaker than expected.The US dollar rose against a basket of major currencies, supported by a perceived increase in chances of a rise in US interest rates by September after hawkish Fed minutes on Wednesday.Oil prices fell, pressured by a stronger dollar and ...

Markets - Commodities - Americas

CBOT soybeans may retest $10.54-1/2 SINGAPORE: CBOT soybeans July contract may retest a support at $10.54-1/2 per bushel, as suggested by its wave pattern and a Fibonacci projection analysis.The contract's failure to break a resistance at $10.86-3/4 has strongly suggested an extension of the correction from the May 10 high of $10.91-1/2. Driven by a wave c, the correction may reach $10.54-1/2, the 214.6 percent Fibonacci projection level of a preceding wave 3.The duration of the correction also indicates a ...