Soybeans rebound from 8-day low, but ample supply curbs gains

Soy-Beans

U.S. soybeans rose on Thursday, rebounding from their lowest in more than a week touched in the previous session, but gains were curbed as bumper South American production stoked ample global supply.

FUNDAMENTALS

* Chicago Board of Trade front-month soybeans climbed 0.4 percent to $8.77-1/2 a bushel, having closed down 1.1 percent on Wednesday when prices marked an eight-day low of $8.70-1/2 a bushel.

* Front-month corn rose 0.2 percent to $3.69-1/2 a bushel, having gained 0.27 percent in the previous session.

* Front-month wheat advanced 0.21 percent to $4.72-1/2 a bushel, having closed down 0.6 percent on Wednesday.

* Analysts at Brazil’s Agroconsult cut their forecast for the country’s 2015/16 soybean crop to 99.2 million tonnes on Tuesday from 100.6 million tonnes in October. But a record Brazilian crop surpassing last year’s 96 million tonnes is still expected.

* The U.S. Department of Agriculture said on Thursday morning that private exporters reported the sale of 243,100 tonnes of corn to Mexico for delivery during the 2015/16 marketing year, the third flash sale of the grain in the past week.

MARKET NEWS

* The dollar came off a one-year low against the yen on Thursday after a media report suggested Japanese authorities are becoming increasingly anxious about the strength of the local currency.

* U.S. crude oil prices stabilised in early Asian trade on Thursday after hitting fresh 2003 lows the session before, but analysts said a persistent global glut would keep pressuring markets.

* Wall Street’s recent selloff deepened on Wednesday, with the S&P 500 closing at its lowest in over a year as U.S. oil prices plummeted to 2003 lows.

[reuters]

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