SYDNEY, Sept 9 (Reuters) – U.S. wheat futures steadied in early Asian trade on Friday, though remained under pressure from news that big new supplies of the grain were to be offered from India.
Trade was also watchful, after three days of falls and with no big surprises from U.S. President Barack Obama’s announcement of a $447 billion jobs package to help boost the U.S. economy.
Wheat for December delivery were barely changed at $7.38-1/2 per bushel, having slid almost 2 percent in U.S. trade but holding above immediate support around $7.31.
Corn for December delivery inched 0.3 percent higher to $7.36-1/4 a bushel while November soybeans edged 1-1/4 cents lower to $14.17 a bushel.
FUNDAMENTALS
* Hot and dry August weather in the U.S. Midwest caused soybean crop ratings to deteriorate and should prompt the U.S. Department of Agriculture to trim its forecast of the size of the soy crop by about 0.8 percent, analysts said.
* More than 500 protesting port workers stormed the EGT grain terminal at the Port of Longview, Washington, on Thursday and damaged railcars and other property, Longview Police Chief Jim Duscha said.
* Much of Argentina’s wheat belt is getting dry, with frosts hampering the healthy development of 2011/12 crops in some northern areas, the Buenos Aires Grains Exchange said.
* The hottest summer in over half a century is shrinking the U.S. corn crop, which will cut the nation’s corn stocks to their smallest in 15 years next summer and boost already high global food prices, analysts said.
* India will allow unrestricted exports of two million tonnes each of wheat and common rice, as bulging stocks offer political room for overseas sales which could depress global rice prices but make little dent in wheat supplies.
* The European Union this week granted export licences for 415,000 tonnes of soft wheat, the biggest award since the start of the 2011/2012 season on July 1, official data showed.
MARKETS
* The euro fell to a two-month low against the dollar on Thursday after the European Central Bank signaled a pause in its interest-rate tightening cycle that began just five months ago.
* U.S. stocks closed sharply lower on Thursday after Federal Reserve Chairman Ben Bernanke gave no indications of new stimulus measures to boost the flagging economy.
* Crude oil futures fell in choppy trading on Thursday, following Wall Street lower after the U.S. Federal Reserve Chief gave a speech that lacked new steps to spur economic growth, and as the dollar rose sharply.
Grains prices at 2343 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 738.25 0.25 +0.03% -1.76% 749.22 38 CBOT corn 735.75 1.75 +0.24% -1.64% 726.88 45 CBOT soy 1416.75 -1.50 -0.11% -0.28% 1381.35 49 CBOT rice $17.79 -$0.05 -0.25% -2.01% $17.29 59 WTI crude $88.49 -$0.56 -0.63% -0.95% $85.83 55 Currencies
Euro/dlr $1.390 $0.002 +0.16% -1.35%
USD/AUD 1.060 0.002 +0.21% -0.57%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Mark Bendeich)
http://af.reuters.com/article/commoditiesNews/idAFL3E7K840N20110908
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