US: Soybeans at 3-week high, while wheat steadies after 3-month low
Soybean
Maize (Corn)
Wheat
United States
Published Nov 30, 2022
Tridge summary
Chicago soybeans extended gains on Tuesday to reach a three-week peak as investors saw hope that China will ease measures to counter COVID-19 infections after rare protests in the country unsettled markets a day earlier. Improved sentiment pushed the dollar lower, helping Chicago wheat to steady after hitting a three-month low on Monday. Corn inched down, with traders noting an unwinding of spreads against wheat and expectations for a bumper Brazilian harvest next year.
Original content
The most-active soybean contract Sv1 on the Chicago Board of Trade (CBOT) was up 0.2% at $14.60-1/4 a bushel by 1247 GMT, after earlier touching its highest since Nov. 7. CBOT wheat Wv1 inched up 0.1% to $7.81-1/4 a bushel, holding above Monday’s low of $7.73-1/4. Corn Cv1 was down 0.3% at $6.69-1/2 a bushel. A senior Chinese health official said on Tuesday that public complaints about COVID-19 controls stem from overzealous implementation, fuelling investor expectations that Beijing may ease restrictions that have prompted unusual public protests. Crude oil rose sharply while soybeans added to gains from Monday. China dominates global soybean imports and Chicago futures were supported on Monday by the announcement of a U.S. export sale to an unknown destination – often interpreted as a shipment to China. Investors were reacting to “signs this morning from Chinese officialdom that a cautious easing will remain underway,” Saxo Bank said in a note. “This has inspired a comeback in ...
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