Wheat up, corn steady on stimulus hope; soy falls
SINGAPORE, Oct 6 (Reuters) - U.S. wheat gained while corn was largely unchanged as grains held on to advances made in the previous session amid a broad-based rally in financial markets, underpinned by hopes of monetary easing.
"Fundamentally it may not be right, but it is the optimism which is leading everyone to buy some these commodities," said Jonathan Barratt, managing director of Commodity Broking Services in Sydney.
Analysts indicate smaller Brazil soy crop this year
SAO PAULO, Oct 5 (Reuters) - Brazil's 2010/2011 soybean crop is expected to come in slightly smaller than the record harvest last season, despite an expansion of the planted area, an average of eight outlooks indicated.
Brazil's new soy crop that producers began planting in the past days is seen at 67.9 million tonnes, the average of forecasts ranging from 65 million to 69.8 million tonnes. Last season, output reached a record 68.6 million tonnes, according to the same eight sources.
Soy product futures ended higher across the board, propelled by broad based speculative buying in commodity markets. Soyoil was buoyed by a bounce in crude oil futures, analysts said. Soyoil is closely linked to energy prices as soyoil is the primary feedstock for U.S. bio-diesel fuel. December soyoil settled 0.37 cents or 0.9% higher at 43.82 cents per pound. December soymeal ended $7.00 or 2.4% higher at $299.30 per short ton.(Source: CME)
Corn, wheat rebound after sharp losses
MILAN/SINGAPORE, Oct 5 (Reuters) - Corn and wheat futures rose in a technical rebound after sharp falls in the previous sessions with markets seeking new direction.
"It is a very technical market, it is testing new support and resistance levels and seeking new direction," said one Italian grain analyst.
Up on weather concerns; data eyed
KUALA LUMPUR, Oct 5 (Reuters) - Global vegetable oil markets rose as traders took some positions on concerns over the impact of weather on soy growing and palm oil producing areas.
"The market is trading at a tight range but local sentiment still supportive as investors believe palm oil production is going to fall after September but overseas demand is still very strong," said a trader with foreign brokerage in Kuala Lumpur.
U.S. soy harvest surges ahead during mostly dry week
CHICAGO, Oct 4 (Reuters) - U.S. farmers raced ahead on the harvest of soybeans in the last week, taking advantage of mostly dry weather to bring in one-fifth of a likely bumper crop, the U.S. Department of Agriculture reported on Monday.
The corn harvest also advanced last week but fell short of some trade expectations as farmers appeared to shift the focus to soybeans.
Brazil soybean crop 67.5 Mln T in 10/11-US attache
WASHINGTON, Oct 4 (Reuters) - Brazil will plant a record 24 million hectares to soybeans and harvest 67.5 million tonnes of the oilseed in 2010/11, forecast the U.S. agricultural attache in Brasilia in a report released on Monday.
The forecast was higher than the Agriculture Department forecast of 65 million tonnes, made on Sept 10. USDA will update its estimates of crops around the world on Friday. Attache reports are not official USDA data.
Brazil soy growers sell 19 pct of new crop-Celeres
SAO PAULO, Oct 4 (Reuters) - Brazilian soybean producers have sold 19 percent of the 2010/11 soybean crop that farmers have just recently started to plant, up from 18 percent a week earlier, analysts Celeres said on Monday.
As of Oct. 1, sales of the new crop, which is seen at a record 69.1 million tonnes, were ahead of the 14 percent sold this time last year. Celeres said forward sales were just ahead of the 18 percent sold on average over the past five years at this period.
Analyst raises Brazil soy view to record high
SAO PAULO, Oct 4 (Reuters) - Analysts raised forecasts on Brazil's new soy crop on Monday, with one analyst forecasting a record crop of 69.1-mil tonnes, after spring rains arrived a few weeks behind schedule and triggered planting a soy area that may be larger than initially thought.
Crop analysts Celeres raised the forecast for the 2010/11 soybean crop on Monday by 1.8 percent from a previous forecast in August/September to what would be a record 69.1 million tonnes.
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