Soybeans, corn, wheat edge lower on technical selling
SINGAPORE — Chicago soybean futures inched lower in early Asian trading on Wednesday, amid technical selling, even as dry weather conditions in top producer Argentina posed supply concerns.
Wheat inched lower, ending a two-session rally, while corn fell for a second consecutive session.
* The most-active soybean contract on the Chicago Board of Trade (CBOT) dipped 0.2% to $15.35-3/4 a bushel, as of 0240 GMT.
* Wheat gave up 0.1% to $7.60-1/4 a bushel and corn lost 0.4% to $6.76-3/4 a bushel.
* On Monday, the soybean and corn contracts reached their highest in nearly two weeks, while wheat touched a near four-week peak.
* Soybean sales from Argentina’s 2021/2022 harvest covered 80.8% of the 44 million tonne harvest as of last week, slightly below the 83% sold from the previous season at the same time, agricultural ministry data showed on Tuesday.
* The U.S. Department of Agriculture’s (USDA) attache in Buenos Aires cut Argentina’s 2022/23 soy crop forecast to 36 million metric tons (MMT), 9.5 MMT below a prior official USDA estimate, as dry weather and high temperatures in the last months of 2022 have affected the country’s soybean crop.
* Argentina will launch measures to help producers hit by a historic drought over its main agricultural region, Economy Minister Sergio Massa said on Tuesday, including a relief fund to tackle considerable losses to the country’s grains harvests.
* Commodity funds were net buyers of CBOT soybean, wheat and soyoil futures contracts on Tuesday, and net sellers of corn and soymeal futures contracts, traders said.
* Investors keenly await the U.S. Federal Reserve Open Market Committee’s (FOMC) announcement of its decision on interest rates, which is broadly expected to be a 25 basis point hike, due at 1900 GMT on Wednesday.
* Asia’s stock markets steadied on Wednesday, with signs of a slowdown in U.S. wages bolstering hopes that the Federal Reserve could hint at an end to interest rate hikes at its meeting later in the day. DATA/EVENTS (GMT)
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