Argentinian soybean output forecast cut significantly on Feb drought: BCR
The Argentinian soybean output forecast for 2020-21 marketing year (April 2021 – March 2022) has been cut significantly on February drought, particularly in the Pampean region, according to the Rosario Grains Exchange, or BCR.
Soybean yield for 2020-21 in the country is now seen at 27.5 quintals/hectare, down 6% on January estimates and 10% lower than last year, BCR said.
The projection for soybean output is cut by 4 million mt on previous estimate to 45 million mt, which is down 11.24% year on year, the report released March 10 said.
The latest cut in Argentinian soybean production forecast is expected to boost Brazilian and US soybean exports, analysts said.
CANBERRA, March 11 (Reuters) - U.S. soybean futures edged lower on Thursday to hit a more than one-week low, though concerns about global supplies provided a floor to losses.FUNDAMENTALS The most active soybean futures on the Chicago Board Of Trade were down 0.3% to $14.05-3/4 a bushel by 0208 GMT, near the session low of $14.02-1/4 a bushel - the weakest since March 3. Soybeans closed down 2.1% on Wednesday. The most active corn futures were down 0.3% to $5.32-1/4 a bushel, having closed down 2.1% in the previous session.
Soybeans, corn down after USDA report fails to add bullish momentum Wheat firms after closing lower, improved U.S. weather caps gains (Adds quote in paragraph 4, details on fund positioning)By Naveen ThukralSINGAPORE, March 11 (Reuters) - Chicago soybean futures dropped on Thursday to their lowest in more than a week after a U.S. government report earlier this week failed to add bullish momentum to prices already hovering near multi-year highs.Corn slid for a third consecutive session while wheat ticked higher after Wednesday's drop.
SINGAPORE Chicago soybean futures dropped on Thursday to their lowest in more than a week after a U.S. government report earlier this week failed to add…
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CHICAGO, March 10 (Reuters) - U.S. corn and soybean futures
each fell about 2% on Wednesday, a day after monthly U.S.
Department of Agriculture (USDA) forecasts failed to offer fresh
bullish news, freeing traders to book profits following recent
multi-year highs, analysts said.
Wheat futures also declined, following the trend, with
beneficial moisture expected to bolster crop prospects in the
U.S. Plains this week.
Chicago Board of Trade May corn settled down 11-3/4
cents at $5.34 per bushel and May soybeans ended down
30-1/4 cents at $14.09-3/4 a bushel.
CBOT May wheat fell 4 cents to settle at $6.52-1/2 a