GRAINS-Soybeans pause after slide as export, crop prospects assessed

  • 8/20/2021
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* Soybeans, corn near 2-week lows * Market monitors Midwest rain, crop tour results * Dollar rally, Chinese demand mark export outlook * Wheat consolidates below last week"s 8-1/2 year high (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Aug 20 (Reuters) - Chicago soybean futures were little changed on Friday, hovering near a two-week low as the market assessed shifting U.S. crop conditions and an export outlook marked by brisk Chinese demand and a strong dollar. Corn eased to hold close to a two-week low from the previous session, while wheat also edged down as it consolidated below last week"s 8-1/2 year high. The most-active soybean contract on the Chicago Board Of Trade (CBOT) was down half a cent at $13.19-1/2 a bushel by 1213 GMT. On Thursday, it had slid to its lowest level since Aug. 4 at $13.14-1/4. U.S. soybean prices have been curbed by rain forecast in dry northwestern growing belts along with a rally in the dollar that tempered export optimism generated by a run of sales to China. The rally in the dollar, which hit a new 9-1/2-month high against major peers on Friday, stoked broad selling in commodities on Thursday. "The ongoing appreciation of the dollar (...) is changing the outlook for U.S. export activity," consultancy Agritel said. "The evolution of the weather situation will remain important to follow in the coming weeks." The soybean and corn markets are watching for final results from a major annual Midwest field tour. On Thursday, scouts on the Pro Farmer crop tour projected corn yields and soy pod counts in Iowa above the three-year tour average, but below-average levels in Minnesota. CBOT corn was down 0.6% at $3.47-1/2 while CBOT wheat inched 0.1% lower to $7.42. Prices at 1213 GMT Last Change Pct End Ytd Pct Move 2020 Move CBOT wheat 742.00 -0.75 -0.10 640.50 15.85 CBOT corn 547.50 -3.25 -0.59 484.00 13.12 CBOT soy 1319.50 -0.50 -0.04 1311.00 0.65 Paris wheat Dec 247.50 3.75 1.54 192.50 28.57 Paris maize Nov 217.75 2.00 0.93 219.00 -0.57 Paris rape Nov 567.25 3.25 0.58 418.25 35.62 WTI crude oil 62.82 -0.87 -1.37 48.52 29.47 Euro/dlr 1.17 0.00 -0.03 1.2100 -3.55 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; editing by Uttaresh.V and Susan Fenton) Our Standards: The Thomson Reuters Trust Principles.

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