US soyabean futures ended lower on Monday, reversing gains late on lower crude oil futures, traders said. The soy complex had been following the upside leadership of corn and wheat earlier in the day until it faltered late. Soyabeans for July delivery slipped 0.2 percent to $13.26-1/2 per bushel as crude oil's 2 percent tumble erased earlier soy gains that were based on planting concerns.
Corn and wheat prices ended firm amid difficult weather conditions. Corn plantings are facing cold, wet weather and wheat crops are contending with dry weather in the US Plains. The US Department of Agriculture is releasing its weekly planting progress report Monday afternoon which will shed additional light on current crop conditions. Cash basis bids for corn and soyabeans were steady to firm in the US Midwest interior on Monday, supported by a lack of farmer selling as producers remained focused on spring planting, cash traders said.
Dry weather helped Argentine farmers advance quickly last week in bringing in the country's 2010/11 soy crop, the government said in its latest weekly report. As of Thursday, 82 percent of the 18.7 million hectares of Argentine farmland planted with soy had been harvested, up 8 percentage points compared with the week before.
Harvesting of Brazil's record 72.55 million-tonne soyabean crop is nearly finished for the season with the help of dry weather across the grain belt, analysts Celeres said on Monday. In its latest weekly report, Celeres said that 99 percent of the new crop has been gathered, up from 97 percent the week prior. NOPA April crush was reported Monday at 121.330 million bushels, below an average of analysts' estimates for 127.77 million. While the April NOPA soy crush is nearly 6.5 million less than the trade expected, it reflects one member who left this month, NOPA said. Large speculators reduced their net long positions in CBOT soyabeans by 15,876 contracts to 56,495 during the week ended last Tuesday, according to the CFTC.
Comments
Comments are closed for this article.