Trade Soybeans Corn Wheat Lower as Dollar Gain Reduce Demand for Commodities

Soybean futures may open 5 cents to 7 cents a bushel lower on the Chicago Board of Trade as the dollar?s gain reduces demand for commodities as alternative assets, said Greg Grow, the director of agribusiness at Archer Financial Services Inc. in Chicago. Soybean-meal futures may open $2 to $2.50 lower per 2,000 pounds, and soybean oil is expected to open down 0.05 cent to 0.1 cent a pound.
-- Corn futures were called 4 cents to 6 cents a bushel lower as livestock-feed producers shift to cheaper grain, Grow said. Corn prices jumped 33 percent in the third quarter and are up 14 percent this month.
-- Wheat futures may open steady to 2 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as the dollar?s rebound erodes the appeal of U.S. exports, Grow said.
-- The United Nations World Food Programme bought $4.23 million of Ukrainian wheat from Nibulon Ltd. for shipping to Bangladesh.
-- Home prices in 20 U.S. cities rose at a slower pace than forecast in August from a year earlier, reflecting slumping sales as the effects of a tax credit waned.
-- Asian currencies weakened for the first time in three days, led by Thailand?s baht, on speculation regional policy makers will counter appreciation as China slows yuan gains.
-- For the second time since he became chairman in 2006, Ben S. Bernanke is leading the Federal Reserve into uncharted monetary territory.
-- The S&P GSCI Spot Index of 24 commodities may gain at least 6.4 percent after the measure climbed above previous resistance levels, according to technical analysis by Barclays Capital.
-- Oil declined for the first time in three days in New York before a report forecast to show that U.S. crude inventories increased last week.
-- The biggest four-month jump in corn prices in 2 1/2 years is signaling to investors BHP Billiton Ltd. will raise its $40 billion bid for Potash Corp. of Saskatchewan Inc., the world?s largest fertilizer producer.
-- China?s stocks dropped from a six-month high, led by consumer companies, on concern an increase in fuel prices will stoke inflation and that recent gains were excessive relative to the outlook for earnings.
-- China, Asia?s biggest oil consumer, increased retail gasoline and diesel prices by 3 percent today as part of government measures to cool the economy and meet energy-saving targets.
-- Russia must raise sowing of spring grains by 23 percent in 2011 to compensate for a drop in winter planting, the Agriculture Ministry said.
-- Ethiopia will lease a land area about the size of Belgium to private investors for growing rice, cotton and other crops aimed at generating foreign-exchange, an Agriculture Ministry official said.
-- Soybean-meal exports from India, Asia?s top supplier of the animal feed, may surge 83 percent this month as farmers boost sales to benefit from prices set for a fourth straight monthly gain, a processors? group said.
-- China has sufficient supplies of cooking oil and a recent surge in wholesale prices of the staple won?t significantly impact consumers, website QQ.com reported, citing Shang Qiangmin, director of the China National Grain & Oils Information Center.
-- Some Chinese soybean crushers have begun to limit the amount of soybean oil they sell to buyers as the bullish sentiment in the market lifts demand for the vegetable oil, the China National Grain & Oils Information Center said in e-mailed report today.
-- China sold 292,200 metric tons of corn, or 29.1 percent of the total 1.01 million tons offered, at auction from state reserves today, the National Grain and Oil Trade Center said.
-- Sugar on China?s Zhengzhou Commodity Exchange gained as much as 2.1 percent today to 6,900 yuan a ton, the highest ever.
-- Cotton on China?s Zhengzhou Commodity Exchange jumped as much as 4.7 percent to 27,500 yuan a ton, the highest level ever.
-- China?s Zhengzhou Commodities Exchange will curb abnormal futures trading from Nov. 8 to protect investors? interests, according to a statement posted on its website yesterday.
-- Australia may have wetter-than-normal weather over the next three months, according to the Bureau of Meteorology, adding to concern that sugar output may be cut while the quality of the wheat crop may be downgraded.
-- AWB Ltd. raised its price estimate for growers delivering into its noodle-wheat marketing-pools by A$36 a ton as production of the crop in Western Australia was likely to fall ?well short? of demand, the Melbourne-based company said.
-- Palm oil dropped from a 27-month high on the Malaysia Derivatives Exchange as the dollar rallied from a one-week low, reducing the attraction of raw materials as alternative investments.
-- Indonesia, the world?s largest palm-oil producer and third- largest cocoa producer, raised the taxes and base prices for export of the commodities in November due to an increase in prices, a trade ministry official said.
-- India may import as much as 10 million tons of edible oil in the financial year that began April 1, Trade Secretary Rahul Khullar said.
-- ACE Derivatives & Commodity Exchange Ltd. said it will start futures trading in farm and energy products and gold tomorrow.
-- Thailand?s government halted sales of rice from state stockpiles because of concern that floods will damage crops and reduce production of the grain, deputy government spokesman Marut Masayawanit said.
-- Plants? genetic diversity must be conserved to ensure food security, the United Nations? Food and Agriculture Organization said.