Soybeans linger near 2-week high on Brazil delays, Chinese demand

soybean export brazil

U.S. soybeans were unchanged on Wednesday, lingering near a two-week high touched in the previous session, as delayed shipments from Brazil and expectations of increased Chinese demand supported prices.

FUNDAMENTALS

* Chicago Board Of Trade front-month soybeans unchanged at $8.79-3/4 a bushel, having firmed 0.8 percent on Tuesday when prices hit a two-week high of $8.82-3/4 a bushel.

* Front-month corn unchanged at $3.63 a bushel, having gained 1.2 percent in the previous session.

* Front-month wheat was little changed at $4.64-1/2 a bushel, having closed up 1.48 percent on Tuesday.

* The National Oilseed Processors Association said U.S. crushings in January totalled 150.453 million bushels, below trade estimates averaging about 154.557 million bushels.

* The lineup of Brazil export loadings of soybeans and corn was double that of a year ago as rains delayed shipments, particularly for Paranaguá, and a weak real currency boosted demand. * Some traders expected China, the world’s biggest soybean importer, to step up purchases following last week’s Lunar New Year and a pre-holiday decline in imports during January.

* Egypt on Saturday cancelled a tender to import wheat, the third such cancellation this month and a move that prompted some trader worries of reduced volumes to the world’s biggest wheat importer.

MARKET NEWS

* The yen regained some ground against the dollar on Wednesday as a recent rebound in crude oil prices fizzled, reviving demand for the safe-haven Japanese currency.

* U.S. crude futures rebounded on Wednesday on investor hopes a deal between Saudi Arabia and Russia to freeze oil output at January levels would lead to a wider pact among producers that could eventually see production cuts to support prices.

* Wall Street minted its second consecutive session of solid gains on Tuesday, as investors snatched up beaten-down consumer discretionary, industrial and tech shares.

[reuters]

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