GRAINS-Soybeans inch lower on record Brazil output estimates
SINGAPORE, Feb 6 (Reuters) - Chicago soybean futures
inched lower on Monday, weighed down by estimates of a record
output in top exporter Brazil despite slow harvest progress due
to heavy rains in key producing regions.
Wheat edged higher after an agriculture consultancy cut its
harvest forecast for top exporter Russia, while corn was largely
unchanged.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of
Trade (CBOT) was down 0.1% to $15.30-1/2 a bushel, as of
0223 GMT.
* Wheat gained 0.6% to $7.61 a bushel and corn
gave up 0.04% to $6.77-1/4 a bushel.
* Brazilian farmers have harvested 9.86% of the country's
soybean area so far in the season, with work progressing slowly
due to rains in key producing regions, Patria Agronegocios
consultancy said on Friday.
* Agriculture consultancy IKAR cut its forecast for Russia's
2023 wheat harvest to 84 million tonnes from 87 million tonnes,
its head Dmitry Rylko told Reuters.
* Ukrainian farms had harvested 53.2 million tonnes of grain
in bunker weight from 97% of the expected area as of Feb. 2, the
agriculture ministry said on Friday.
* Egyptian state grains buyer the General Authority for
Supply Commodities (GASC) said on Saturday it had bought 60,000
tonnes of yellow corn.
* World food prices fell in January for a 10th consecutive
month, and are now down some 18% from a record high hit last
March following Russia's invasion of Ukraine, the United Nations
food agency said on Friday.
* Commodity funds were net sellers of Chicago Board of Trade
soyoil, soybean and wheat futures contracts on Friday, and net
buyers of soymeal and corn futures, traders said.
MARKET NEWS
* Asian shares slipped after a run of upbeat economic data
from the United States and globally lessened the risk of
recession, but also suggested interest rates would have to rise
further and stay up for longer.
DATA/EVENTS (GMT)
0030 Australia Retail Trade Q4
0700 Germany Industrial Orders MM Dec
0700 Germany Manufacturing O/P SA Dec
0700 Germany Consumer Goods SA Dec
0930 UK All-Sector PMI Jan
(Reporting by Matthew Chye; Editing by Subhranshu Sahu)
Log In Required
Line of Credit Log In Required
