National News Detail

GRAINS-Soybeans fall as Chinese stimulus recovery proves short-lived

GRAINS-Soybeans fall as Chinese stimulus recovery proves short-lived


































* Soybeans give back some gains from previous session
* Corn flat amid uncertainty over size of U.S. crop
* Wheat edges higher, rebounds from losses of 1.5 pct

By Colin Packham
SYDNEY, Aug 26 U.S. soybeans fell on Wednesday
as gains made after China announced its latest economic stimulus
proved short-lived.
Corn was unchanged, extending two-day falls to beyond 1
percent, while wheat rose, rebounding from losses of more than
1.5 percent.
Chicago Board of Trade November soybeans fell 0.2
percent to $8.76-1/2 a bushel, having firmed 0.43 percent on
Tuesday.
Soybeans recovered slightly on Tuesday from heavy losses
this week when China cut interest rates and banks' reserve
requirements for the second time in two months after a plunging
stock market sent shockwaves around the globe.
But investors feared the moves would not be enough to
stabilise China's cooling economy or halt a collapse in its
stock markets, with soybean prices again coming under pressure.
"Soybeans are again reflecting the broader trends," said
Phin Ziebell, agribusiness economist, National Australia Bank.
"When you look at the supply side, it is looking very
healthy so there is no reason to expect any supply constraints
to losses in the short-term."
The global economic concerns overshadowed potential supply
disruptions from South America.
Argentine farmers started a five-day crop sales strike on
Monday, part of an election-year push in the world's No. 3
soybean exporter to change policies.
December corn was unchanged at $3.77 a bushel, having
slid 0.92 percent in the previous session.
Corn had drawn some support this week amid uncertainty over
the size of the U.S. crop, with a widely watched Pro Farmer crop
tour forecasting production ahead of the U.S. Department of
Agriculture.
However, analysts noted benign weather conditions, with any
lingering concerns over the U.S. crop now easing.
December wheat rose 0.15 percent to $5.00-1/4 a
bushel, having closed down 1.7 percent on Tuesday.

Grains prices at 0324 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 500.25 0.75 +0.15% -1.53% 512.78 40
CBOT corn 377.00 0.00 +0.00% -0.92% 389.42 40
CBOT soy 876.00 -1.75 -0.20% +0.23% 942.36 30
CBOT rice $11.62 $0.00 -0.04% -0.51% $11.70 35
WTI crude $39.26 -$0.05 -0.13% +2.67% $45.07 29
Currencies
Euro/dlr $1.151 $0.000 -0.03% -0.92%
USD/AUD 0.714 0.001 +0.18% -0.20%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential

(Reporting by Colin Packham; Editing by Joseph Radford)