Aug 5, 2015
U.S. grains - Prices advance on crop, weather worries
Reuters is reporting that . . .
U.S. grain and soybean futures jumped on Wednesday as concerns about poor weather hurting autumn harvests fuelled a recovery from recent losses in the markets.
The U.S. Department of Agriculture, in a crop report on Aug. 12, may trim its U.S. soybean acreage and ending stocks estimates because of excessive rains that disrupted spring plantings, traders said.
Traders were also keeping an eye on weather forecasts amid worries that some growing areas may turn too dry during an important period for soybean development this month.
“Additional risk premium is being added to corn, wheat and soybean futures ahead of critical U.S. supply updates from the USDA,” Chicago-based agricultural consultancy AgResource Co. said in a note.
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In the wheat market, Egypt, one of the world’s largest wheat importers, said it bought 120,000 tonnes of Russian wheat in a tender.
U.S. wheat is seen as too expensive to be competitive on the export market.
On Thursday, traders will digest weekly U.S. grain export sales data from the USDA.