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Soybeans fall for first time in eight sessions

11/23/2020 | 08:58pm EST

SYDNEY, Nov 24 (Reuters) - U.S. soybean futures fell for the first time in eight sessions on Tuesday as traders booked profits after prices hit a more than four-year high, although concerns about global production provided a floor to losses.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were down 0.5% to $11.86 a bushel by 0138 GMT, having firmed 0.9% on Monday - when prices hit a June 2016 high of $12.00 a bushel.

* The most active corn futures were down 0.4% to $4.31-3/4 a bushel, having gained 1.2% in the previous session - when prices hit a July 2019 high of $4.36 a bushel.

* The most active wheat futures were little changed at $6.04-1/2 a bushel, having closed up 0.8% on Monday.

* Soybeans were supported by dry weather across Brazil, the world's largest oilseed producer.

* The U.S. Department of Agriculture (USDA) confirmed private sales of 334,000 tonnes of U.S. corn to unknown destinations, the latest in a series of daily corn sales announcements.

* The USDA's weekly crop progress report showed that U.S. winter wheat ratings declined in the latest week. The USDA rated 43% of the crop in good to excellent condition, down from 46% a week earlier, bucking analyst expectations for a one-point improvement.

MARKET NEWS

* The yen was on the back foot while riskier currencies were supported on Tuesday on rising optimism following news U.S. President-elect Joe Biden is expected to tap former Federal Reserve Chair Janet Yellen as U.S. Treasury Secretary.

* Oil prices held gains as news of a third promising vaccine candidate spurred hopes of a quick recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his presidential transition.

* Asian stocks opened higher as COVID-19 vaccine progress shored up global sentiment and U.S. President-elect Joe Biden was given the go-ahead to begin his White House transition. (Reporting by Colin Packham; Editing by Subhranshu Sahu)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) -0.01% 80.033 Delayed Quote.1.15%
BRITISH POUND / JAPANESE YEN (GBP/JPY) 0.03% 142.026 Delayed Quote.0.72%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) 0.00% 81.475 Delayed Quote.0.88%
CORN FUTURES (C) - CBR (FLOOR)/C1 -4.53% 500.5 End-of-day quote.3.41%
EURO / BRAZILIAN REAL (EUR/BRL) 2.24% 6.6542 Delayed Quote.2.58%
EURO / JAPANESE YEN (EUR/JPY) 0.01% 126.315 Delayed Quote.-0.04%
JAPANESE YEN / SWISS FRANC (JPY/CHF) 0.02% 0.8526 Delayed Quote.-0.34%
LONDON BRENT OIL -1.92% 55.07 Delayed Quote.8.61%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) -0.21% 74.509 Delayed Quote.0.74%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -3.93% 421 End-of-day quote.0.87%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 -2.95% 42.15 End-of-day quote.-2.45%
US DOLLAR / JAPANESE YEN (USD/JPY) 0.01% 103.77 Delayed Quote.0.31%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -3.97% 634.5 End-of-day quote.-0.94%
WTI -1.77% 52.063 Delayed Quote.10.00%
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