Soybeans, corn decline on stronger dollar
Wednesday, 7 April 2010
NEW YORK, April 6 (Bloomberg): Soybeans and corn declined in Chicago as the dollar strengthened, reducing the appeal of US crops amid rising competition from South American exports.
Soybeans for May delivery lost as much as 0.3 per centto $9.3275 a bushel on the Chicago Board of Trade before trading at $9.3475 a bushel at 10:05 a.m. London time. May-delivery corn fell as much as 0.4 per centto $3.4425 a bushel.
The dollar gained 0.4 per centagainst a basket of six currencies. The volume of soybeans scheduled for export inspected at US ports fell 47 per centto 16.245 million bushels in the week ended April 1 from a week earlier, the nation's Department of Agriculture said yesterday.
"Changes in the value of the dollar affect the competitiveness of the US exports on the world market," Toby Hassall, a research analyst at CWA Global Markets Pty, said by phone from Sydney today. Declining weekly US exports are "evidence that we're seeing a seasonal shift" by buyers from US to South American suppliers, Hassall said.
The combined soybean harvests in Brazil and Argentina, the world's biggest exporters of the oilseed after the US, were forecast to jump 35 per centto 120 million metric tons this year, from a year earlier, the USDA said March 10.
Soybeans for May delivery lost as much as 0.3 per centto $9.3275 a bushel on the Chicago Board of Trade before trading at $9.3475 a bushel at 10:05 a.m. London time. May-delivery corn fell as much as 0.4 per centto $3.4425 a bushel.
The dollar gained 0.4 per centagainst a basket of six currencies. The volume of soybeans scheduled for export inspected at US ports fell 47 per centto 16.245 million bushels in the week ended April 1 from a week earlier, the nation's Department of Agriculture said yesterday.
"Changes in the value of the dollar affect the competitiveness of the US exports on the world market," Toby Hassall, a research analyst at CWA Global Markets Pty, said by phone from Sydney today. Declining weekly US exports are "evidence that we're seeing a seasonal shift" by buyers from US to South American suppliers, Hassall said.
The combined soybean harvests in Brazil and Argentina, the world's biggest exporters of the oilseed after the US, were forecast to jump 35 per centto 120 million metric tons this year, from a year earlier, the USDA said March 10.