[ad_1]
SINGAPORE, April 22 (Reuters) - Chicago wheat lost ground Monday after finishing the last two weeks of decline, as the market faced with the pressure of abundant global stocks and the prospects of a exceptional harvest in the northern hemisphere. Soybean increased for a second session although gains were verified by higher production in South America. FUNDAMENTALS * The wheat market is weighed down by the quantity of products supplied global market. Wheat production among major exporters, Russia and The United States should be above average with crops enjoying a favorable climate. * US soybean stocks increased as a result of Sino-US inflation. trade war has hurt American beans shipments to the Chinese buyers. * China has instead made purchases in Brazil, which is should harvest a bigger crop than expected and cause stiffness competition in the global market. * The Argentine government has estimated its maize 2018-19 harvest to 55 million tonnes on Wednesday, and predicted the 2018-2019 soybean harvest with 55.9 million tonnes. * Estimates are higher than those of the previous season soybean and corn harvests were 37.78 million tonnes and 43.46 million tonnes, respectively, according to government, after a historic drought damaged crops significantly. * Corn, wheat and soybean markets are likely to take the management of a weekly report on planting progress in the United States. Report of the Ministry of Agriculture. MARKET NEWS * Asian equities were stable on Monday as investors waited the return of the main financial markets from Good Friday holidays, while oil prices have climbed on a US report is likely ask all importers of Iranian oil to stop their purchases or face penalties. DATA AHEAD (GMT) 1400 March sales of existing homes in the United States Prices of cereals at 0158 GMT Contract Last modified pct chg chg MA 30 RSI two days Wheat CBOT 445.75 -2.50 -0.56% -0.28% 459.01 28 Corn CBOT 358.00 -0.50 -0.14% -0.07% 366.03 41 CBOT soybean 882.75 2.25 + 0.26% + 0.43% 897.10 35 CBOT Rice 10.44 0.01 $ + 0.14% -0.38% 10.71 $ 45 Gross WTI $ 65.11 $ 1.11 + 1.73% + 2.12% $ 61.21 Coins Euro / dlr $ 1,124 $ 0,000 -0.04% + 0.11% USD / AUD 0.7139 -0.001 -0.18% -0.15% Most active contracts Corn, corn and soybeans US cents / bushel. Rice: USD per quintal RSI 14, exponential (Report by Naveen Thukral, edited by Gopakumar Warrier)
Source link
