Soybeans edge higher on concerns over South America crop
- US soy processors crushed 181.018 million bushels of soybeans in November, their third-largest monthly crush on record, the National Oilseed Processors Association said.MARKET NEWS
SYDNEY: US soybean futures edged higher on Thursday as concerns over production in South America supported prices.
FUNDAMENTALS
The most active soybean futures on the Chicago Board Of Trade were up 0.3% at $11.86-3/4 a bushel by 0127 GMT, having closed little changed on Wednesday.
The most active corn futures were up 0.1% at $4.27-3/4 a bushel, after gaining 0.6% in the previous session.
The most active wheat futures were up 0.3% at $6.00-3/4 a bushel, having closed down 0.2% on Wednesday.
Concerns about dry conditions limiting crop potential in key corn- and soy-growing areas of South America underpinned the market, with strong demand weighing on global stockpiles.
US soy processors crushed 181.018 million bushels of soybeans in November, their third-largest monthly crush on record, the National Oilseed Processors Association said.MARKET NEWS
The dollar languished near fresh 2-1/2-year lows against its major rivals on Thursday as progress toward agreeing a US stimulus package and a Brexit deal boosted risk appetite at the expense of the safest assets.
Asian stocks were set for gains on Thursday as progress toward a long-awaited US stimulus package and a pledge by the Federal Reserve to keep interest rates low helped the Nasdaq benchmark to a fresh record high.
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