Chicago Agriculture Commodities: Asian Market
$CORN, $WEAT, $SOYB
Singapore Open: Chicago Board of Trade (CBOT) agriculture commodities; Wheat up for 2nd day running, Soybean, Corn prices face pressure from US weather
Chicago Wheat futures rose for a 2nd session Wednesday as investors looked for bargains, although plentiful world supplies capped gains.
Soybean and Corn prices were flat to little changed in early Asian trade with both markets expected to remain under pressure as crop-friendly warm weather boosts planting across the US Midwest.
Chicago Wheat futures were being underpinned by bargain-buying after prices dropped to a 1-wk low Tuesday at 4.67-3/4 bu.
The Black Sea region, a Key supplier of wheat to top importing countries, is on track for another year of bumper production.
Corn and Soybean prices are expected to be weighed down by forecasts for warmer weather that should allow farmers to pick up the pace of planting of spring crops after a slow start.
The US Department of Agriculture (USDA) Monday afternoon said that 5% of the US Corn crop was planted as of Sunday, well behind the 5-year average and lagging market expectations.
Soybean planting was 2% complete. Concerns about slowing Soybean exports continued to hang over the market amid a trade dispute between the United States and Top buyer China.
The USDA said Tuesday morning that private exporters reported the sale of 130,000 tonnes of Soybeans to Argentina.
There have been no announcements of deals with China in 2 weeks.
Commodity funds were net buyers of CBOT Corn, Wheat, Soybean and Soymeal contracts on Tuesday, traders said, but were net sellers of Soyoil futures.