* USDA weekly data to reflect weak soybean demand
* Soybean supplies likely to increase from South America
* Traders expect corn to remain volatile on weather
By Mayank Bhardwaj
NEW DELHI, April 25 (Reuters) – U.S. soybeans rose half a
percent on Thursday, recovering from a fall of more than 1
percent in the previous session, despite expectations of poor
export numbers to be released by the U.S. Department of
Agriculture.
Corn rose 0.3 percent on a slowdown in planting in the
United States, while wheat edged up 0.1 percent, spurred by
reports of freeze damage in the U.S. Plains hard red winter
wheat crop area.
Tight domestic soy stocks and slower sales by farmers were
weighing on soybeans, traders said.
The Chicago Board of Trade’s benchmark May soybean contract
rose 0.50 percent to $13.52 a bushel by 0513 GMT, after
having fallen 15-3/4 cents to $14.04 in the previous session.
“We are anticipating some weak exports numbers in the weekly
data of the USDA, which will factor in issues like less demand
from China and elsewhere, partly because of avian flu,” said
Joyce Liu, an analyst with Phillip Futures in Singapore.
Many traders anticipate Chinese demand for soybeans, used to
feed chickens and livestock, could remain weak for months, as
poultry sales drop due to a deadly bird flu virus outbreak.
Authorities have culled tens of thousands of birds in the
effort to contain the spread the virus, which has killed 22
people and infected 108 since the first deaths reported in
March.
But soybean gains were limited due to expectations of higher
supplies from South America.
The crop has been very good in South America, which is
prepared to step up exports after dock workers in Brazil called
off a strike, paving the way for brisk sales, Liu said.
After talks with the government, Brazil’s main port labour
unions decided against going on a strike they had threatened.
Experts say even a one-day stoppage could lengthen
already-long queues for ships and rack up tens of thousands of
dollars in demurrage costs for each day lost.
Corn edged up due to the delayed sowing.
May corn gained 0.32 percent to $6.20-3/4 a bushel,
while wheat rose 0.11 percent to $6.92-3/4 a bushel.
“Corn could be volatile and will fluctuate because of the
current weather conditions, which weigh on both sides. On one
hand the weather is delaying corn planting in the United States
and on the other adding moisture to the dry soil,” Liu said.
Grains prices at 0513 GMT
Grains prices at 0513 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 692.75 0.75 +0.11% -0.40% 707.78 39
CBOT corn 620.25 2.00 +0.32% +0.49% 653.48 41
CBOT soy 1352.00 6.75 +0.50% -0.48% 1366.88 50
CBOT rice $15.13 -$0.02 -0.10% +0.43% $15.29 27
WTI crude $91.95 $0.52 +0.57% +3.11% $92.64 61
Currencies
Euro/dlr $1.304 -$0.003 -0.20% -0.08%
USD/AUD 1.031 0.004 +0.38% +0.39%
Most active
contracts
Wheat, corn and soy US cents/bushel. Rice:USD per hundredweight
RSI 14, exponential
