Soybeans fall on expectations of record Brazilian crop, wheat eases
SINGAPORE — Chicago soybean futures lost ground on Tuesday, with prices dropping for the first time in four sessions, as expectations of an all-time high Brazilian crop weighed on prices.
Wheat fell, while corn slid from a two-week high.
* The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 0.6% to $15.18 a bushel, as of 0149 GMT. Wheat fell 0.7% to $7.38-3/4 a bushel and corn gave up 0.7% to $6.70-1/2 a bushel.
* Brazilian soybean growers will harvest a record soy crop just below 153 million tonnes in the 2022/2023 cycle driven by a rise in planted area and favorable weather in most parts of the country, according to a Reuters poll on Monday.
* Russian wheat prices in mid-January are down slightly amid increased competition from other exporters and high supply volumes, analysts said on Monday.
* Large speculators cut their net long position in CBOT corn futures in the week to Jan. 10, regulatory data released on Friday showed.
* The Commodity Futures Trading Commission’s weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and cut their net long position in soybeans.
* Asia shares mostly slipped on Tuesday ahead of Beijing’s expected release of weak fourth-quarter economic data, although investor sentiment about China’s rebound remained positive even as the global economy edges closer to recession.
DATA/EVENTS (GMT) 0200 China Urban Investment (YTD) YY Dec 0200 China Retail Sales YY Dec 0200 China GDP YY Dec 0200 China Unemp Rate Urban Area Dec 0430 Japan Tertiary Ind Act NSA Nov 0700 Germany HICP Final YY Dec 0700 UK Claimant Count Unem Chng Dec 0700 UK ILO Unemployment Rate Nov 0700 UK HMRC Payrolls Change Dec 1000 Germany ZEW Economic Sentiment Jan 1000 Germany ZEW Current Conditions Jan (Reporting by Naveen Thukral; editing by Uttaresh.V)
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