EUR/USD 1.17474
0.473%
Gold 4688.20
2.869%
Oil 91.842
-8.062%
USD/JPY 156.391
-0.952%
GBP/USD 1.35917
0.395%
GBP/JPY 212.567
-0.558%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Iran’s chief negotiator warned that economic pressure is the main threat.On May 7th, local time, US President Trump stated in a speech on May 6th that the current conflict with Iran is a "small-scale conflict," and that the US is "making very good progress." Trump said that the US operation in Iran is "going very smoothly," and that Iran "wants a deal, wants to negotiate." He emphasized that the US will not allow Iran to possess nuclear weapons and will continue to push for an agreement that "satisfies the United States." On the military front, Trump described the US blockade against Iran as "extremely strong," and stated that Iran "can hardly do anything in or out." He also stated that the US has "complete control of the situation." Trump further warned that if Iran does not accept the agreement, it will ultimately be forced to agree to the relevant conditions.On May 7, the U.S. Central Command posted on social media that an empty Iranian oil tanker attempted to break through a U.S. blockade to reach an Iranian port in the Gulf of Oman. A U.S. carrier-based fighter jet damaged the ships rudder with its cannon, preventing the vessel from reaching Iran.US President Trump: The United States is far ahead in the field of space.On May 7th, Chicago Federal Reserve President John Goolsby warned against instinctively lowering interest rates due to faster productivity growth, as this phenomenon can sometimes push up inflation. In prepared remarks delivered before a panel discussion at the Milken Institute Global Conference on Wednesday, Goolsby stated that the Feds response to faster productivity growth "depends largely on whether productivity growth is unexpected or anticipated." He explained that in the first case, inflation might be contained, allowing for lower interest rates. In the latter case, the additional investment and spending resulting from productivity growth could push up inflation, necessitating higher interest rates. Furthermore, he emphasized the need to be wary of consumption and investment driven by expectations of future growth. "The more hype there is, the greater the need to raise rates to prevent overheating," he said.

Soybeans Rise With A Thin Cover, As Do Wheat And Corn

Charlie Brooks

Nov 02, 2022 14:40

11.png


Traders reported a nearly 2% surge in U.S. soybean futures on Tuesday, driven by short-covering as the U.S. harvest winds down, optimism for export sales to China, and concern over the availability of South American supplies.


Wheat futures rebounded from early declines as traders focused on the unpredictability of grain supplies from the Black Sea export corridor and crop concerns in the Southern Hemisphere. Corn followed the hardness trend.


After reaching a contract high of $14.49 per bushel on September 23, the January contract for soybeans closed up 28-1/4 cents at $14.47-3/4 per bushel.


CBOT Wheat for December finished at $9.02-1/2 per bushel, an increase of 20-1/4 cents, while corn for December closed at $6.97-3/4 per bushel, an increase of 6-1/4 cents.


As a result of chart-driven purchasing, the benchmark January contract for soybeans rose beyond its October trading range.


"We are chasing out a lot of shorts with this move," said Terry Linn, an analyst with Linn and Associates in Chicago, adding that obstructions by protesters in Brazil, the largest soy exporter in the world, were also cause for concern.


The principal entry road to Brazil's Paranagua port, the country's second-busiest for grain exports, remained blocked by protestors on Tuesday, as supporters of outgoing Brazilian President Jair Bolsonaro demonstrated over his narrow election loss to the left-leaning Luiz Inácio Lula da Silva.


Linn noted, "there was concern that this could persist and have a severe impact on agricultural flows and exports."


The outlook for soy output in Brazil remains optimistic. StoneX commodity brokerage raised its 2022/23 soybean crop forecast from 153.8 million tonnes to 154.35 million tonnes.


According to the U.S. Department of Agriculture, as of October 30, 88% of the crop has been harvested. The corn harvest was 76% complete.


Concerns about the future of grain exports from war-torn Ukraine pushed CBOT wheat prices to their highest level in two weeks. According to industry insiders, insurers no longer issue new cargo insurance coverage for Black Sea exports via a U.N.-backed safe corridor after Russia's withdrawal from the corridor.


In the meantime, the Argentine government is ready to announce measures that will allow wheat exporters to delay shipments following the devastation of the harvest by a severe drought.


Additionally, dry conditions have affected the 2023 winter wheat harvest in the United States. Monday, the USDA rated 28% of the crop as good to excellent, the lowest percentage for this time of year since records began in 1987.

Suggestion