US soybean futures continued to decline as it started trading tonight. The six-week high reached in the previous meeting was also not reached. However, the strong demand for US supplies limited the losses. At the moment the soybeans are acting moderately firmer again.
Wheat continues to rise, supported by global supply worries. The corn futures are trading moderately weaker.
Despite the downtrend amid a broad commodity sell-off, analysts and traders said fundamentals remain bullish.
"The USDA reported strong exports overnight that will limit the decline," said a Melbourne grain trader who refused to be identified because he has no legal rights to speak to the media.
Private exporters reported sales of 132,000 tons of soybeans to China, and the government has announced a soybean deal for the fourth consecutive day of trading.
Wheat, analysts said, is aided by uncertainty about global supply.
Algeria will take in a substantial amount of Russian wheat in an import purchase of between 700,000 and 800,000 tons.In addition, Egypt and the Philippines booked deals to buy wheat, while Turkey published a tender.
Wheat continues to rise, supported by global supply worries. The corn futures are trading moderately weaker.
Despite the downtrend amid a broad commodity sell-off, analysts and traders said fundamentals remain bullish.
"The USDA reported strong exports overnight that will limit the decline," said a Melbourne grain trader who refused to be identified because he has no legal rights to speak to the media.
Private exporters reported sales of 132,000 tons of soybeans to China, and the government has announced a soybean deal for the fourth consecutive day of trading.
Wheat, analysts said, is aided by uncertainty about global supply.
Algeria will take in a substantial amount of Russian wheat in an import purchase of between 700,000 and 800,000 tons.In addition, Egypt and the Philippines booked deals to buy wheat, while Turkey published a tender.
Source
Hansa Terminhandel GmbH