October 23, 2013
US soya futures turned lower on Tuesday on active harvesting of the US soya crop and persistent reports of better-than-expected yields. Corn eased on seasonal harvest pressure and spillover from falling soyabeans, while wheat turned choppy in two-sided dealings after a technical downturn during Monday’s trading session.
At 9:44 am CDT (1444 GMT), Chicago Board of Trade (CBOT) November soyabeans were down 8-1/4 cents at $12.95-1/2 per bushel, December corn was down 4-1/2 at $4.39-1/2, and December wheat was up 2-1/4 at $7.02. Traders and analysts said the soya market was garnering significant attention due to reports of big yields in the US autumn harvest. “The surprise is not that we are down (soyabeans) but that we didn’t see a more significant sell-off,” said Arlan Suderman, senior market analyst for Water Street Advisory. USDA data showed the condition of the US soya crop as of Sunday at 57 percent good-to-excellent, up from 53 percent at the end of September. Corn conditions were at 60 percent good-to-excellent versus 55 percent at the end of September. Courtesy Reuters
World Agriculture News,
Published in ZaraiMedia.com