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Soybeans gain as USDA harvest report raises supply woes

10/19/2020 | 09:36pm EST

SYDNEY, Oct 20 (Reuters) - U.S. soybean futures edged higher on Tuesday after the U.S. Department of Agriculture pegged the U.S. harvest pace behind market expectations.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.1% at $10.55 a bushel by 0121 GMT, having firmed 0.4% on Monday.

* The most active corn futures were down 0.3% at $4.04-1/4 a bushel, having gained 0.8% in the previous session.

* The most active wheat futures were little changed at $6.26-3/4 a bushel, having closed down 0.3% on Tuesday when prices hit a near 6-year high of $6.36-3/4 a bushel.

* The U.S. soybean crop was 75% harvested, the USDA said, ahead of the five-year average of 58% but behind the average analyst estimate of 79%.

* The U.S. corn harvest was 60% complete as of Sunday, the USDA said in a weekly crop progress report on Monday, ahead of the five-year average of 43% and the average estimate in a Reuters analyst poll of 57%.

* Wheat has been drawing support amid concerns over production in Argentina, the U.S. Plains and the Black Sea region.

MARKET NEWS

* The yuan held near a two-year high against the dollar in offshore trade on Tuesday on signs of a robust economic recovery in China, however, doubts about a U.S. stimulus deal capped gains for other risk currencies.

* Oil prices slipped for a fourth straight day on Tuesday on worries about a resurgence of coronavirus cases globally stifling fuel demand while oil supply is growing from Libya.

* Asian stocks came under pressure on Tuesday as a deadline for U.S. lawmakers to pass an economic stimulus bill approached and record daily coronavirus infections in Europe ignited concerns about more severe lockdowns.

(Reporting by Colin Packham; Editing by Amy Caren Daniel)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 1.31% 425.5 End-of-day quote.9.74%
EURO / ARGENTINE PESO (EUR/ARS) 0.46% 96.7881 Delayed Quote.43.53%
LONDON BRENT OIL 1.13% 48.24 Delayed Quote.-27.73%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 0.28% 398 End-of-day quote.32.34%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 1.65% 38.81 End-of-day quote.12.21%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.05% 6.5734 Delayed Quote.-5.64%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.11% 80.99 Delayed Quote.35.10%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) 0.00% 6.5738 Delayed Quote.-5.55%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 1.40% 596.5 End-of-day quote.6.76%
WTI 1.29% 45.54 Delayed Quote.-26.73%
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