Soybeans ease after rally, strong demand limits decline


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SINGAPORE — Chicago soybeans ticked down on Wednesday, giving up some of the previous session’s sharp gains, although expectations of strong demand provided a floor under the market.

Wheat slid for a second consecutive session and corn fell.

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* The most-active soybean contract on the Chicago Board of Trade (CBOT) gave up 0.2% to $14.77-1/2 a bushel, as of 0113 GMT, after gaining 1.6% on Tuesday.

* Wheat lost 0.5% to $7.47 a bushel and corn was down 0.4% to $6.50-3/4 a bushel.

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* Forecasts for more rains in Argentina and Brazil are easing concerns over dryness hurting newly planted crops.

* On the demand front, private exporters reported the sale of 140,000 tonnes of soybeans to unknown destinations in the 2023/24 marketing year, the U.S. Department of Agriculture said on Tuesday morning. It was the first so-called “flash sale” in a week.

* In the wheat market, news that Ukraine’s port of Odesa had suspended operations on Sunday after Russian strikes on energy supplies put attention back on risks to wartime grain shipments. The port resumed activity on Monday.

* France’s farm ministry on Tuesday estimated that the area sown with soft wheat for the 2023 harvest will increase to 4.75 million hectares, 1.7% higher compared with the area harvested this year.

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* Indian wheat stocks held in government warehouses for December fell to the lowest in six years, government data showed on Tuesday.

* Wheat reserves in state stores totalled 19 million tonnes at the start of this month, down from 37.85 million tonnes on Dec. 1, 2021.

* Commodity funds were net buyers of CBOT soybean, soymeal and soyoil futures contracts on Tuesday and net sellers of CBOT corn and wheat, traders said.


* Wall Street stocks gained on Tuesday, while Treasury yields fell and the dollar weakened, as new U.S. government data showed the smallest annual increase in inflation in nearly a year.

DATA/EVENTS (GMT) 0700 UK Core CPI YY Nov 0700 UK CPI YY Nov 1330 US Import Prices YY Nov 1900 US Federal Open Market Committee announces its decision on interest rates followed by statement (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)


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