Soybeans rise after 4-day slide, but harvest pressure caps gains

GLOBAL-GRAINS/:GRAINS-Soybeans rise after 4-day slide, but harvest pressure caps gains

Reuters
Published30 Oct 2024, 06:27 AM IST
Soybeans rise after 4-day slide, but harvest pressure caps gains
Soybeans rise after 4-day slide, but harvest pressure caps gains

JAKARTA, Oct 30 (Reuters) - Chicago soybean futures rose on Wednesday after a four-session slide, with reports of lower exports from top exporter Brazil and higher European imports supporting the market, although a strong U.S. soy harvest limited the gains.

Corn and wheat futures edged higher.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.15% at $9.80-1/2 a bushel, as of 0016 GMT, corn climbed 0.06% to $4.14 a bushel and wheat gained 0.74% to $5.74-3/4 a bushel.

* Soybean exports from Brazil in October were seen lower than the previous estimate, data from the country's grains exporter association ANEC showed.

* The U.S. Department of Agriculture said late on Monday that the U.S. soybean harvest was 89% complete, ahead of the five-year average of 78%, though slightly below analyst expectations of 91% complete, with a record-large 2024 crop.

* Algeria's state grains agency OAIC has issued an international tender to buy soft milling wheat to be sourced from optional origins, European traders said on Tuesday.

* Soft wheat exports from the European Union since the start of the 2024/25 season in July had reached 7.26 million metric tons by Oct. 25, down 33% compared with 10.90 million a year earlier, data published by the European Commission showed on Tuesday.

* Meanwhile, European Union soybean imports so far in the 2024/25 season had reached 3.78 million metric tons by Oct. 25, up 1% compared with 3.74 million tons a year earlier.

* Commodity funds were net buyers of CBOT corn, wheat and soyoil futures contracts on Tuesday, traders said. They were net sellers of soybean and soymeal futures contracts.

MARKET NEWS

* Global stock indexes mostly rose on Tuesday, with the Nasdaq scoring a record closing high ahead of key earnings reports this week, while Treasury yields hit multi-month highs early as the U.S. presidential election was just a week away.

DATA/EVENTS (GMT) 0630 France GDP Preliminary QQ Q3 0855 Germany Unemployment Chg SA Oct 0855 Germany Unemployment Rate SA Oct 0900 Germany GDP Flash QQ SA Q3 0900 Germany GDP Flash YY NSA Q3 1000 EU GDP Flash Prelim YY Q3 1000 EU GDP Flash Prelim YY Q3 1000 EU Consumer Confid. Final Oct 1230 US GDP Advance Q3 1300 Germany CPI Prelim YY Oct 1300 Germany HICP Prelim YY Oct (Reporting by Bernadette Christina; Editing by Subhranshu Sahu)

Catch all the Business News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:30 Oct 2024, 06:27 AM IST
Business NewsNewsSoybeans rise after 4-day slide, but harvest pressure caps gains

Get Instant Loan up to ₹10 Lakh!

  • Employment Type

    Most Active Stocks

    Tata Steel share price

    149.70
    07:18 PM | 1 NOV 2024
    1.05 (0.71%)

    Indian Oil Corporation share price

    145.00
    07:19 PM | 1 NOV 2024
    2.3 (1.61%)

    Tata Power share price

    445.20
    07:19 PM | 1 NOV 2024
    5.15 (1.17%)

    Bandhan Bank share price

    183.65
    07:10 PM | 1 NOV 2024
    1.4 (0.77%)
    More Active Stocks

    Market Snapshot

    • Top Gainers
    • Top Losers
    • 52 Week High

    Rainbow Childrens Medicare share price

    1,545.00
    06:59 PM | 1 NOV 2024
    -67.25 (-4.17%)

    ICICI Securities share price

    833.45
    06:59 PM | 1 NOV 2024
    -32.85 (-3.79%)

    Vijaya Diagnostic Centre share price

    966.70
    06:59 PM | 1 NOV 2024
    -30.35 (-3.04%)

    Narayana Hrudayalaya share price

    1,235.60
    06:59 PM | 1 NOV 2024
    -36.75 (-2.89%)
    More from Top Losers

    Brigade Enterprises share price

    1,244.80
    07:19 PM | 1 NOV 2024
    71.75 (6.12%)

    PCBL share price

    432.15
    07:17 PM | 1 NOV 2024
    21.35 (5.2%)

    Piramal Pharma share price

    281.85
    07:17 PM | 1 NOV 2024
    13.45 (5.01%)

    Jubilant Pharmova share price

    1,273.00
    06:59 PM | 1 NOV 2024
    60.65 (5%)
    More from Top Gainers

    Recommended For You

      More Recommendations

      Gold Prices

      • 24K
      • 22K
      Bangalore
      80,565.00-790.00
      Chennai
      80,571.00-790.00
      Delhi
      80,723.00-790.00
      Kolkata
      80,575.00-790.00

      Fuel Price

      • Petrol
      • Diesel
      Bangalore
      102.92/L-0.06
      Chennai
      101.23/L0.43
      Kolkata
      104.95/L0.00
      New Delhi
      94.77/L0.00

      Popular in News

        HomeMarketsPremiumInstant LoanMint Shorts