Corn extends losses, soybeans at two-week low on US supply outlook
SINGAPORE, Oct 7 (Reuters) -Chicago corn and soybean futures lost more ground on Monday, as a stronger dollar and expectations of record U.S. supplies continued to provide headwinds to prices.
Wheat fell for a third session as prices retreated further from a near four-month high reached last week.
FUNDAMENTALS
* The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 was down 0.7% at $4.21-3/4 a bushel, as of 0027 GMT, having dropped to its lowest since Sept. 30 at $4.21 a bushel earlier in the session.
* Soybeans lost 0.6% to $10.32 a bushel, after sliding earlier on Monday to $10.28 a bushel, the weakest since Sept. 23 and wheat Wv1 fell 0.3% to $5.88 a bushel.
* A stronger dollar, which makes U.S. products expensive from buyers holding other currencies, is weighing on agricultural commodities amid forecast of bumper U.S. supplies.
* The dollar jumped to a seven-week high on Friday after a surprisingly strong jobs report for September led traders to cut bets that the Federal Reserve will make further 50-basis-point rate reductions. USD/
* U.S. farmers and merchants are sitting on the highest stocks of grains and soybeans left over from previous harvests in four years as they start harvesting one of their largest soybean and corn crops on record.
* U.S. farmers and merchants held 1.76 billion bushels of corn, as of Sept. 1, up 29% year-on-year and the most since 2020.
* Losses in the wheat market were limited by concerns about dry weather in the Black Sea region, and the latest Russian attack on Ukrainian port infrastructure.
* Weather conditions in September remained unfavourable for already started winter grain sowing in Ukraine, APK-Inform agriculture consultancy quoted state weather forecasters as saying.
* Farmers had harvested just 2% of this year's grain maize crop by Sept. 30, well behind the usual pace, data showed on Friday, as rain continued to hamper field work in the European Union's biggest grain producer.
* U.S. dock workers and port operators reached a tentative deal that will immediately end a crippling three-day strike that has shut down shipping on the U.S. East Coast and Gulf Coast, the two sides said Thursday.
* Large speculators trimmed their net short positions in Chicago Board of Trade corn futures in the week ended Oct. 1, regulatory data released on Friday showed.
* The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, trimmed their net short positions in CBOT wheat and trimmed their net short positions in soybeans.
MARKET NEWS
* MSCI's global equities index rose on Friday while the dollar climbed to its highest level since mid-August as investors heaved a sigh of relief after a surprisingly strong U.S. labor market report. MKTS/GLOB
DATA/EVENTS (GMT)
0600 Germany Industrial Orders MM Aug
0600 Germany Manufacturing O/P Cur Price SA Aug
0600 Germany Consumer Goods SA Aug
0600 UK Halifax House Prices MM, YY Sept
0745 France Reserve Assets Total Sept
Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips
Berita Terbaru
Pengungkapan: Entitas XM Group menyediakan layanan khusus eksekusi dan akses ke Fasilitas Trading Online kami, yang memungkinkan Anda untuk melihat dan/atau menggunakan konten yang tersedia pada atau melalui situs, yang tidak untuk mengubah atau memperluas, serta tidak mengubah atau memperluas hal tersebut. Akses dan penggunaan ini selalu sesuai dengan: (i) Syarat dan Ketentuan; (ii) Peringatan Risiko; dan (iii) Pengungkapan Penuh. Oleh karena itu, konten disediakan hanya sebagai informasi umum. Anda juga harus ketahui bahwa konten Fasilitas Trading Online kami bukan sebagai ajakan atau tawaran untuk untuk melakukan transaksi apa pun di pasar finansial. Trading di pasar finansial mana pun melibatkan tingkat risiko yang signifikan pada modal Anda.
Semua materi yang diterbitkan di Fasilitas Trading Online kami hanya untuk tujuan edukasi/informasi dan tidak boleh mengandung nasihat dan rekomendasi finansial, pajak investasi atau trading, catatan harga trading kami, penawaran, permintaan, transaksi dalam instrumen finansial apa pun atau promo finansial untuk Anda yang tidak diminta.
Konten pihak ketiga apa pun, serta konten yang disiapkan oleh XM, seperti opini, berita, riset, analisis, harga, informasi lain atau link ke situs pihak ketiga yang tersedia "sebagaimana adanya", sebagai komentar pasar umum dan bukan menjadi nasihat investasi. Sejauh konten apa pun ditafsirkan sebagai penelitian investasi, Anda harus memperhatikan dan menerima bahwa konten tersebut tidak dimaksudkan dan belum disiapkan sesuai dengan persyaratan hukum yang dirancang untuk mempromosikan kemandirian riset investasi dan dengan demikian akan dianggap sebagai komunikasi pemasaran di bawah hukum dan peraturan yang relevan. Mohon dipastikan bahwa Anda telah membaca dan memahami Notifikasi pada Riset Investasi Non-Independen dan Peringatan Risiko kami mengenai informasi di atas, yang dapat diakses disini.
