* The grain market is watching next week’s USDA supply-demand report
CHICAGO, Nov 5 (Reuters) – Chicago’s soybean futures fell on day three
Friday, under pressure from harvest activities and strong planting progress in the south
America, which could open export competition by mid-January, said analysts.
Corn also eased under crop pressure, while wheat receded afterwards
Hit a nine-year high earlier this week.
The Chicago Board of Trade’s (CBOT) most active soybean deal has fallen
17-1 / 4 cents to 12.05-1 / 2 a bushel, which is the week down 3.52%, the biggest
weekly decline since the week ending August 20.
CBOT corn ended 6-1 / 4 cents lower at $ 5.53 a bushel, while wheat
lost 7-1 / 4 cents to $ 7.66-1 / 2 a bushel.
This week after rain delays pushed back corn and soybean crops
provided a clear window for field work, said John Zanker, a market analyst at Risk
« We should get most of the beans out by the middle of next week, when it comes
starts raining again, ”he said
Elevators we didn’t see before as we ran out of space in the room
South American growing advances also put soybeans under pressure, as Brazil intends
stop sowing prematurely, increase potential harvest and shrink
the US export window.
« If your season goes according to plan, you will have new crops »
available from mid / end of January. Then we’re done, « said Tom Fritz, goods
Broker at the EFG Group.
Corn also suffered from the crop pressure, but remained supported by the increase
Fertilizer prices that could influence farmers’ planting decisions next spring.
« It is not far-fetched to think that we will cut down corn fields, » said Zanker.
“With soaring input costs and competition, not just from soybeans, but
Cotton, oats and sorghum, it’s going to be difficult to get the land it needs.
Wheat stayed near its nine-year highs, aided by global supply concerns
Dry growing conditions in Russia and Ukraine recently threatened winter
Harvests after poor spring harvests this year.
However, some traders see a possible correction as expected harvests are in
Argentina and Australia bolster supply, while late corn harvests in the north
Hemisphere meet the need for forage.
The rain in Argentina last week has contributed to the development of wheat in 2021/2022
Grain, the Buenos Aires Grain Exchange announced on Thursday.
However, there were concerns that heavy rainfall could damage Australia’s wheat crop.
carries the risk of ripening wheat crops in the eastern third of the
The country’s wheat belt, the Commodity Weather Group said in a note.
(Reporting by Christopher Walljasper; Editing by Jan Harvey)
Similar title :
– Profit taking takes place before USDA report
– soybeans are falling due to crop pressure in the US and growing progress in South America
– Soybean Futures Fall Under Harvest Pressure
– Soybeans End Lower at harvest pressure, South American planting
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