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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) -0.14% 80.192 Delayed Quote.0.79%
BRITISH POUND / JAPANESE YEN (GBP/JPY) 0.10% 142.479 Delayed Quote.0.59%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) -0.13% 81.495 Delayed Quote.0.43%
CORN FUTURES (C) - CBR (FLOOR)/C1 4.06% 532.25 End-of-day quote.5.68%
EURO / BRAZILIAN REAL (EUR/BRL) -0.02% 6.5086 Delayed Quote.4.64%
EURO / JAPANESE YEN (EUR/JPY) 0.04% 126.015 Delayed Quote.0.01%
JAPANESE YEN / SWISS FRANC (JPY/CHF) -0.07% 0.8543 Delayed Quote.-0.18%
LONDON BRENT OIL 0.45% 56.29 Delayed Quote.7.08%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) -0.09% 74.895 Delayed Quote.0.78%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 1.65% 436.7 End-of-day quote.-2.95%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 2.26% 43.91 End-of-day quote.-0.90%
US DOLLAR / JAPANESE YEN (USD/JPY) 0.07% 103.69 Delayed Quote.0.55%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 2.58% 665.25 End-of-day quote.1.25%
WTI 0.47% 52.992 Delayed Quote.8.49%
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