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Soybeans retreat from 8-1/2-year high as dollar holds gains

05/12/2021 | 10:18pm EDT

CANBERRA, May 13 (Reuters) - U.S. soybean futures fell 1% on Thursday as a strong dollar pushed prices off an eight-and-half-year high touched in the previous session, although tight global supplies provided a floor to the market.


* The most-active soybean futures on the Chicago Board of Trade were down 1.1% to $16.24-1/4 a bushel by 0150 GMT, having firmed 1.7% on Wednesday, when prices hit a September 2012 high of $16.67-1/2.

* The most-active corn futures were down 1.7% to $7.02-1/4 a bushel, near the session low of $6.98-1/2 - the lowest since May 5. Corn closed down 1% in the previous session.

* The most-active wheat futures were down 0.6% to $7.25-1/4 a bushel, having closed down 1.6% on Wednesday.

* The U.S. Department of Agriculture projected U.S. 2021/22 soybean ending stocks at 140 million bushels, roughly in line with trade expectations but up only slightly from the 120 million bushels expected at the end of 2020/21, a seven-year low.

* The USDA projected U.S. 2021/22 corn ending stocks at 1.507 billion bushels, up from 1.257 billion expected at the end of 2020/21, and above the average analyst estimate in a Reuters poll for 1.344 billion.

* The USDA lowered its estimate of Brazil's 2020/21 corn crop to 102 million tonnes, from 109 million last month, while Brazilian government supply agency Conab lowered its forecast to 106.413 million tonnes, from 108.966 million in April.


* The dollar held gains on Thursday, supported by higher Treasury yields after a bigger-than-expected rise in U.S. consumer prices fanned fears about an increase in inflationary pressure.

* Oil prices rose to an eight-week high on Wednesday as U.S. crude exports plunged and on signs of a speedy economic recovery and upbeat forecasts for energy demand.

* Asian shares faced a third day of losses on Thursday after a shocking rise in U.S. inflation bludgeoned Wall Street and sent bond yields surging on worries the Federal Reserve might have to move early on tightening. (Reporting by Colin Packham; Editing by Subhranshu Sahu)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.02% 0.754 Delayed Quote.-2.07%
BRITISH POUND / US DOLLAR (GBP/USD) -0.01% 1.39294 Delayed Quote.1.83%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.01% 0.81114 Delayed Quote.2.90%
CORN FUTURES (C) - CBR (FLOOR)/C1 0.08% 659.75 End-of-day quote.36.21%
CORN?FUTURES (SETTLEMENT ONLY) (ZC) - CBR (FLOOR)/C11 1.05% 496 End-of-day quote.0.00%
EURO / US DOLLAR (EUR/USD) -0.04% 1.19243 Delayed Quote.-2.48%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.00% 0.013454 Delayed Quote.-1.49%
LONDON BRENT OIL 0.60% 75.22 Delayed Quote.42.48%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.05% 0.6996 Delayed Quote.-2.73%
S&P GSCI CORN INDEX -3.57% 456.7595 Delayed Quote.18.03%
S&P GSCI SOY BEANS INDEX -0.34% 518.2128 Delayed Quote.0.63%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -2.55% 363.6 End-of-day quote.-14.04%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -1.59% 651 End-of-day quote.3.28%
WTI 0.45% 73.158 Delayed Quote.49.08%
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