SINGAPORE — Chicago soybean and corn futures lost more ground on Tuesday, with expectations of crop-friendly U.S. weather conditions and declining demand in top importer China weighing on the market.
Wheat ticked higher after two sessions of losses.
* The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.2% at $14.09 a bushel, as of 0016 GMT.
* Corn gave up 0.2% to $6.27-1/4 a bushel, while wheat added 0.6% to $8.05-1/4 a bushel.
* The People’s Bank of China cut key interest rates on weaker-than-expected economic data from the world’s second-largest economy, raising concerns of a global recession.
* A contraction of China’s economy, by far the largest buyer of U.S. soybeans, could curb demand for U.S. commodities.
* U.S. weather forecasts for rain in the coming weeks could aid parched soybean crops, adding pressure to markets.
* U.S. exporters prepared 744,571 tonnes of soybeans for inspection during the week ended Aug. 11, down 14.55% from the week prior, according to the U.S. Department of Agriculture.
* Corn export inspections were down 3.1% and wheat exports fell 41.29%, the USDA said.
* Hot and dry weather conditions in the past weeks have threatened U.S. production prospects.
* The U.S. Department of Agriculture (USDA) rated 57% of the national corn crop in good-to-excellent condition in its weekly progress report, down 1 percentage point from the previous week but just above analyst estimates.
* In a report released after the market closed on Monday, the agency rated 58% of the soybean crop as good-to-excellent, down from 59% the previous week and matching trade expectations.
* Stressful weather during August can threaten the yield potential of corn and soybeans in the United States, the world’s biggest corn supplier and the No. 2 soybean exporter after Brazil. August is a particularly important month for soybean development, when much of the crop is setting pods.
* Ukrainian officials are working to release a detained vessel carrying Ukrainian wheat purchased by Egypt’s government, Ukraine’s Mideast envoy told reporters on Monday.
* The vessel, Emmakris III, was detained last month at the request of Ukraine’s prosecutor general to investigate its alleged Russian owner, court documents seen by Reuters showed.
* Commodity funds were net sellers of CBOT soybean, corn, soymeal, soyoil and wheat contracts on Monday, traders said.
* Global equities and the U.S. dollar advanced on Monday despite weaker-than-expected economic data in China that prompted its central bank to cut its lending rate, stoking concerns of a global recession.
DATA/EVENTS (GMT) 0430 Japan Tertiary Ind Act NSA June 0600 UK Claimant Count Unem Chng July 0600 UK ILO Unemployment Rate June 0600 UK HMRC Payrolls Change July 0630 India WPI Inflation YY July 0900 EU Total Trade Balance SA June 0900 Germany ZEW Economic Sentiment Aug 0900 Germany ZEW Current Conditions Aug 1230 US Housing Starts Number July 1315 US Industrial Production MM July (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)