GRAINS-Soybeans fall to seven-week low on disappointing US exports, then recover
By Michael Hogan
HAMBURG, Dec 15 (Reuters) - Chicago soybeans touched seven-week lows on Monday on selling pressure following tepid U.S. export demand and the upcoming Brazilian harvest, but stabilised on bargain-buying.
Wheat fell as Argentina's large crop kept world supplies plentiful. Corn was pressured by cheap Argentine feed wheat which could reduce corn demand.
Chicago Board of Trade most-active soybeans
Soybeans faced weakness as Chinese purchases of U.S. beans following the trade truce between the two nations disappointed traders, remaining well below the 12 million ton purchases flagged.
"Soybeans are seeing some moderate support on buying interest after recent lows but the overall bearish picture remains intact, especially uncertainty about Chinese demand for U.S. soybeans," said Matt Ammermann, commodity risk manager at StoneX.
"Markets are still struggling to define what Chinese demand for U.S. soybeans will be after the trade war truce. Senior U.S. officials have said China will buy 12 million tons of U.S. soybeans but the timescale is uncertain and China has not confirmed this number."
"A big Brazilian soybean crop is approaching, providing cheap alternatives for Chinese buyers. There could be a feeling developing that China will buy the soybeans it needs and the 12 million tons may not be an actual target for China."
Markets showed little reaction to weekend Russian attacks on Ukrainian ships, according to traders.
"Wheat remains depressed by large world supplies, especially the big new crop from Argentina being offered cheaply while large volumes are also available from the Black Sea and Australia," Ammermann said.
"Corn is also depressed by large world supplies although export demand for U.S. corn is also strong. Argentina's large feed wheat crop could also be offered in export markets in competition to corn."
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