* Corn down 2% after 16-month peak on Monday * Soybeans ease after 4-1/2 year high * Chart levels fuel profit-taking as U.S. holiday nears * Strong exports and South America dryness underpinning market (Updates with European trading, changes byline/dateline) By Gus Trompiz and Colin Packham PARIS/SYDNEY, Nov 24 (Reuters) - Chicago corn and soybeans fell on Tuesday, with chart resistance levels prompting selling after the previous day's highs linked to buoyant U.S. exports and weather risks for South American crops. Wheat tracked corn and soy lower. Corn led the losses, with the most active futures on the Chicago Board of Trade down 2% at $4.24-3/4 bushel by 1156 GMT. In the previous session, prices hit their highest since July 2019 at $4.35-3/4 but failed to break through a resistance zone at $4.33-$4.35, traders said. CBOT soybeans fell for the first time in eight sessions, trading 1% down at $11.79-1/4 a bushel. The contract rose on Monday to $12, its highest since June 2016, but the rally stalled at that psychological threshold. "There is some downward pressure in the overnight session, with profit-taking appearing to weigh on soybeans," one European trader said. Previous pauses in this month's soy and corn rally have been followed by fresh gains, though the run-up to Thursday's Thanksgiving holiday could reinforce profit-taking, traders said. The United States Department of Agriculture (USDA) on Monday reported private sales of 334,000 tonnes of U.S. corn to unknown destinations, the latest in a series of daily corn export announcements. In Brazil, rain is forecast this week but only light showers are expected in some zones. CBOT wheat was down 0.5% at $6.01-3/4 a bushel. The USDA said after Monday's close that 43% of the U.S. winter wheat crop was in good to excellent condition, down from 46% a week earlier and bucking analyst expectations for a one-point improvement. However, the wheat market has been reassured by recent moisture and a lack of severe cold so far in U.S. and Russian belts. "Weather forecasters still do not expect worrisome cold for vulnerable winter wheat crops in the U.S. and eastern Black Sea regions," said Tobin Gorey, director of agriculture strategy at the Commonwealth Bank of Australia. Prices at 1156 GMT Last Change Pct End Ytd Pct Move 2019 Move CBOT wheat 601.75 -2.75 -0.45 558.75 7.70 CBOT corn 424.75 -8.50 -1.96 387.75 9.54 CBOT soy 1179.25 -12.25 -1.03 955.50 23.42 Paris wheat Dec 210.75 -0.75 -0.35 188.75 11.66 Paris maize Jan 194.75 -1.00 -0.51 179.00 8.80 Paris rape Feb 411.00 -4.50 -1.08 391.75 4.91 WTI crude oil 43.58 0.52 1.21 61.06 -28.63 Euro/dlr 1.19 0.00 0.24 1.1210 5.88 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Colin Packham in Sydney Editing by Shounak Dasgupta and David Goodman )
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GRAINS-Soybeans and corn slip from highs, wheat follows - Successful Farming
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