CANBERRA, Dec 7 (Reuters) – U.S. soybean futures edged lower for a second consecutive session on Tuesday, although concerns about crops in Brazil and strong demand for U.S. exports kept losses in check.
FUNDAMENTALS
* The most-active soybean futures on the Chicago Board Of Trade were down 0.1% at $12.60 a bushel by 0244 GMT, having closed down 0.5% in the previous session.
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* The most-active wheat futures were down 0.3% at $8.03-3/4 a bushel, after closing up 0.3% on Monday.
* The most-active corn futures were unchanged at $5.83-1/2 a bushel, having closed down 0.1% in the previous session.
* The planting of Brazil’s 2021/22 soybean crop had reached 94% of the estimated area and is progressing well in most of the country, although a recent lack of rains has put farmers on alert in some southern states, agribusiness consultancy AgRural said on Monday. read more
* The U.S. Department of Agriculture said that weekly export inspections of wheat totalled 245,963 tonnes. USDA also upwardly revised its wheat inspections total for the prior week to 390,771 tonnes from 250,651 tonnes.
MARKET NEWS
* The dollar was supported against safe-haven currencies such as the Japanese yen on Tuesday, hanging on to an overnight jump made with U.S. yields as investors hoped early signs the Omicron variant may be mild will be proved correct..
* Oil prices edged up on Tuesday after a near 5% rebound the day before as concerns about the impact of the Omicron variant on global fuel demand eased while Iran nuclear talks hit roadblocks, delaying the return of Iranian crude supplies.
* The dollar edged higher while U.S. and European shares rallied on Monday after easing concerns about the Omicron coronavirus variant led investors to buy stocks that will likely perform well in a rising interest rate environment. read more
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Reporting by Colin Packham; Editing by Devika Syamnath
Our Standards: The Thomson Reuters Trust Principles.
Read More: Soybeans extend losses into second consecutive session