Wheat advances in Chicago as recent slump attracts importers
Friday, 11 June 2010
SINGAPORE, June 10 (Bloomberg): Wheat futures advanced in Chicago as a weakening dollar and recent declines in grain prices attracted investors and importers.
July-delivery grain added 0.4 per cent to $4.2950 a bushel on the Chicago Board of Trade at 2:49 pm Singapore time, after declining in nine of the past 12 trading sessions.
The Dollar Index, which tracks the value of the greenback against six major currencies including the yen and the euro, dropped for a third day, making US supplies less expensive to importers.
"It's a case of abundant global supply and what the price mechanism is doing is prices are weakening in order to uncover that additional demand," Toby Hassall, a research analyst at CWA Global Markets Pty in Sydney, said by phone Thursday.
Corn for July delivery lost 0.2 per cent to $3.3775 a bushel on the Chicago Board of Trade at 2:50 pm Singapore time.
The absence of "fresh news supportive of demand," are also pushing corn prices lower, Hassall said.
July-delivery soybeans shed 0.2 per cent to $9.4175 a bushel in Chicago. The oilseed for delivery in January 2011 added 0.6 per cent to 3,806 yuan ($557) a tonne on the Dalian Commodity Exchange at 2:50 pm Singapore time.
Prices in Dalian gained after customs data showed China's soybean imports in May were lower than expected.
The government said imports in May were at 4.37 million tonnes. That compares with a market estimate of at least 5 million tonnes, Wang Chen, head of research of Wanda Futures Co said by phone Thursday.
July-delivery grain added 0.4 per cent to $4.2950 a bushel on the Chicago Board of Trade at 2:49 pm Singapore time, after declining in nine of the past 12 trading sessions.
The Dollar Index, which tracks the value of the greenback against six major currencies including the yen and the euro, dropped for a third day, making US supplies less expensive to importers.
"It's a case of abundant global supply and what the price mechanism is doing is prices are weakening in order to uncover that additional demand," Toby Hassall, a research analyst at CWA Global Markets Pty in Sydney, said by phone Thursday.
Corn for July delivery lost 0.2 per cent to $3.3775 a bushel on the Chicago Board of Trade at 2:50 pm Singapore time.
The absence of "fresh news supportive of demand," are also pushing corn prices lower, Hassall said.
July-delivery soybeans shed 0.2 per cent to $9.4175 a bushel in Chicago. The oilseed for delivery in January 2011 added 0.6 per cent to 3,806 yuan ($557) a tonne on the Dalian Commodity Exchange at 2:50 pm Singapore time.
Prices in Dalian gained after customs data showed China's soybean imports in May were lower than expected.
The government said imports in May were at 4.37 million tonnes. That compares with a market estimate of at least 5 million tonnes, Wang Chen, head of research of Wanda Futures Co said by phone Thursday.