Written by Mark Weinrop
ChicagoAnd the United States of AmericaDec.15 – Chicago soybean futures fell on concerns that a strong dollar and a weak global economy could dampen the pace of robust exports, which have supported prices since the harvest, according to operators.
Wheat futures were strong on a round of buying opportunities after falling in eight of the previous 10 sessions, which also boosted corn.
* Gains were limited by guidance from the US Federal Reserve, which raised concerns on Wednesday that inflation could remain high. Further interest rate increases would hamper economic growth until 2023.
* The Bank of England similarly signaled further interest rate hikes on Thursday.
“The bottom line is that this keeps traders looking at commodity fundamentals through the lens of recession fears,” said Arlan Suderman, chief economist at Stonex.
* The time is 1739 GMTIn Chicago, January soybean futures fell 7.5 cents at $14.7475 a bushel.
* I think the strong rally in the dollar is weighing on soybeans a little bit,” said Terry Riley, a commodities analyst at Futures International in Chicago.
* The USDA said Thursday morning that soybean export sales totaled 2.943 million tons in the week ending December 8, up 69% from the previous week and above expectations.
– March soft red winter wheat in Chicago rose 11 cents to $7.6025 a bushel, and March corn rose 3.25 cents to $6.5325 a bushel.
* Damage to the Argentine wheat crop was also a concern, although the continued flow of Russian and Ukrainian supplies limited international prices, according to traders.
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