Fundamentals drive rally in agricultural commodities

Chicago soybean futures prices fell tonight after hitting their highest since June 2016 in the previous session due to strong demand and dry weather in parts of South America.
Corn and wheat prices also slipped in early Asian trade.
"The rally in agricultural commodities is being driven by real fundamentals," said a Singapore-based trader. "We have drought in South America, which is a big problem, and China is increasing imports."
The global grain and oilseed markets were supported by the dry weather in South America and strong demand from China. Recent rains have eased some of the weather stresses in Brazil and Argentina, but the reduction in global supply, particularly for soybeans, leaves little scope for crop failure.
The U.S. Department of Agriculture (USDA) announced on Wednesday that private exporters had sold 140,000 tons of U.S. corn to unnamed buyers. This followed recent large corn sales to Mexico and South Korea.
U.S. farmers could grow record acreage for key crops next year if cheap prices persist and spring weather allows, a USDA official said yesterday.

Hansa Terminhandel GmbH
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