Soybeans rally on concerns of falling stockpiles
http://money.ninemsn.com.au/article.aspx?id=594148 [2008-7-11]
Tag : Soybean #1
Soybeans shot up Thursday, hurtling back toward $16 a bushel on concerns that last month's flooding in the Midwest will hurt yields and strain already tight U.S. stockpiles. Corn fell to a one-month low. Other commodities traded mostly higher, with crude oil soaring above $141 a barrel and other energy futures also gaining. Gold and silver rose sharply. The U.S. Department of Agriculture on Friday will release U.S. inventory estimates for soybeans, corn, wheat and other grains. Analysts expect a significant drop in soybean stockpiles after severe flooding last month consumed parts of the Midwest and destroyed large swaths of corn and soybean fields. That would tighten already strained U.S. supplies for the oilseed used to feed people and livestock.
Also pushing up prices were threats from Argentine farm leaders to resume nationwide protests against a disputed grain export tax bill that was approved by the South American country's lower house of Congress on Saturday. Protests against the measure earlier this year led the country's biggest farm groups to suspend sales and block highways, sparking sporadic food shortages. Argentina is the world's third-largest exporter of soybeans after the U.S. and Brazil.
"Soybean inventories are already very tight by historical standards and a strike in Argentina would tighten things further by shifting business over to Brazil and the U.S.," said Vic Lespinasse of Grainanalyst.com. Soybeans for September delivery jumped 30 cents, or about 2 percent, to settle at $15.87 a bushel on the Chicago Board of Trade, after earlier rising as high as $15.895. Wheat for September delivery fell 9.75 cents to settle at $8.18 a bushel.
Meanwhile, corn prices headed lower for a fifth straight session as warm, dry weather in the Midwest raised expectations that crops will recover from last month's floods. Worries that high corn prices are cutting into demand for animal feed and ethanol also pressured prices. Corn for December delivery fell 8.5 cents to settle at $7.0425 a bushel on the CBOT, after earlier dropping to $7.01, the lowest since June 10.
Soybeans shot up Thursday, hurtling back toward $16 a bushel on concerns that last month's flooding in the Midwest will hurt yields and strain already tight U.S. stockpiles. Corn fell to a one-month low. Other commodities traded mostly higher, with crude oil soaring above $141 a barrel and other energy futures also gaining. Gold and silver rose sharply. The U.S. Department of Agriculture on Friday will release U.S. inventory estimates for soybeans, corn, wheat and other grains. Analysts expect a significant drop in soybean stockpiles after severe flooding last month consumed parts of the Midwest and destroyed large swaths of corn and soybean fields. That would tighten already strained U.S. supplies for the oilseed used to feed people and livestock.
Also pushing up prices were threats from Argentine farm leaders to resume nationwide protests against a disputed grain export tax bill that was approved by the South American country's lower house of Congress on Saturday. Protests against the measure earlier this year led the country's biggest farm groups to suspend sales and block highways, sparking sporadic food shortages. Argentina is the world's third-largest exporter of soybeans after the U.S. and Brazil.
"Soybean inventories are already very tight by historical standards and a strike in Argentina would tighten things further by shifting business over to Brazil and the U.S.," said Vic Lespinasse of Grainanalyst.com. Soybeans for September delivery jumped 30 cents, or about 2 percent, to settle at $15.87 a bushel on the Chicago Board of Trade, after earlier rising as high as $15.895. Wheat for September delivery fell 9.75 cents to settle at $8.18 a bushel.
Meanwhile, corn prices headed lower for a fifth straight session as warm, dry weather in the Midwest raised expectations that crops will recover from last month's floods. Worries that high corn prices are cutting into demand for animal feed and ethanol also pressured prices. Corn for December delivery fell 8.5 cents to settle at $7.0425 a bushel on the CBOT, after earlier dropping to $7.01, the lowest since June 10.
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