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GRAINS-US soybeans, wheat at fresh 2-1/2 yr highs on supply worries

May 15, 2011 2 comments

SYDNEY, Jan 19 (Reuters) – U.S. soybean and wheat futures hit fresh 2-1/2 year highs in early Asian trade on Wednesday on worries that crops in Argentina, a big exporter of both commodities, are continuing to suffer from insufficient rain. Chicago Board of Trade (CBOY) soybeans for March delivery rose 0.46 percent to $14.19-3/4 per bushel as the focus remained on prospects for drought affected crops in Argentina and a possible deal being announced on U.S soybean exports to China during Chinese President Hu Jintao’s visit to the United States. Wheat for March delivery gained 0.16 percent to $7.94-1/2 per bushel on concerns about tightening world supplies because of possible poor northern hemisphere harvests this year. Corn for March delivery rose 0.04 percent to $6.59-3/4 per bushel, supported by tight global prices.

FUNDAMENTALS

* U.S. corn futures rose 1.7 percent on Tuesday, touching a 2-1/2 year high for the fourth day in a row on concerns that rain in key growing areas of Argentina arrived too late to save the crop.

* Soybean prices also hit their highest level since July 2008 before fading as rain in South America boosted expectations about this year’s soy harvest from that region.

* U.S. wheat futures rose 2.6 percent on Tuesday as purchases from Algeria and Libya cut into the already tight supply of global stocks. Dry conditions in the U.S. Plains added more support to the rally.

* Demand for agricultural commodities has remained high despite the robust prices. The futures market will need to continue to rally to arrest the drawdown of global stocks, which are running at a 15-year low for corn and a 40-year low for soybeans.

* Traders were bullish about new-crop soybean futures due to hopes that new trade deals with China will be announced during Chinese President Hu Jintao’s visit to the United States this week. MARKETS

* U.S. stocks gained on Tuesday, overcoming weak Citigroup results and concerns circling Apple after news of Chief Executive Steve Jobs’ medical leave. The Dow Jones industrial average rose 50.55 points, or 0.43 percent, to end at 11,837.93.

* Central bank buying and strong German economic data pushed the euro to a one-month high above $1.34 on Tuesday, though doubts about Europe’s ability to boost a sovereign rescue fund trimmed its gains in New York trade.

* Brent oil rose on Tuesday, climbing closer to $100 a barrel on concerns about North Sea crude supplies while the resumption of Alaskan oil flows helped ease U.S. crude prices. U.S. crude oil for February delivery fell 16 cents to settle at $91.38 a barrel on Tuesday in seesaw trading between $90.55 and $91.90. The February contract expires on Thursday.

Source

Due to the earth’s circumstances, food will become scarce, and you will not be able to purchase anything without his mark. But that mark will not doom you – only your heart condition can do that.

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