June 16 (Reuters) – Chicago soybean futures
rose half a percent on Wednesday, as oilseed markets remained
supported by rains that could slash canola output in Canada and
hamper soybean crop progress in the United States.
Chicago soy and grain futures drew some strength from
greater risk appetite among investors, although share prices
gave up earlier gains as concerns resurfaced about the euro zone
and oil edged lower on a hike in U.S. inventories.
Excessive rainfall in Canada, which analysts say will trim 2
million to 3 million acres of canola acreage this year, drove a
3.5 percent surge in ICE Canada July canola futures on
Tuesday, the highest absolute gain in 10 months.
CORN – Steady to 1 cent per bushel higher.
Spillover support from gains in soy and wheat but gains limited by
outlooks for a bumper U.S. corn crop.
Spillover support from gains in soy and wheat but gains limited by
outlooks for a bumper U.S. corn crop.
SOYBEANS – Up 2 to 4 cents per bushel.
Support from excessive wet weather in Canada that is threatening output
of canola and rainfall in portions of the U.S. that is delaying final soy
seedings and trimming crop condition ratings combine to lift soybean
futures.
Support from excessive wet weather in Canada that is threatening output
of canola and rainfall in portions of the U.S. that is delaying final soy
seedings and trimming crop condition ratings combine to lift soybean
futures.
WHEAT – Up 1 to 2 cents per bushel.
Excessive wet weather in Canada and in portions of the U.S. winter
wheat growing region leading to concerns about a cut in wheat output and
also a reduction in top quality milling wheat.
Excessive wet weather in Canada and in portions of the U.S. winter
wheat growing region leading to concerns about a cut in wheat output and
also a reduction in top quality milling wheat.