GRAINS-U.S. soybeans fall as Argentine supply competition persists

Credit: REUTERS/Jorge Adorno

Sept 21 (Reuters) - U.S. soybean futures fell in early Asian trading on Wednesday, pressured by competition from Argentina exports, while wheat retreated after touching a 10-week peak in the previous session.

Corn also pulled back after hitting a one-week high on Tuesday on slower-than-expected progress in the U.S. harvest.

Fears of a global recession as central banks continue to tighten monetary policies to combat inflation, also weighed on the market, with the U.S. Federal Reserve widely expected to hike rates by 75 basis points later in the day.


* The most-traded soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.4% at $14.73-1/4 a bushel, as of 0115 GMT.

* Farmers in Argentina, the world's leading exporter of oil and meal derived from soybeans, continued to offload soy stockpiles last week following a series of carrot-and-stick measures aimed at spurring exports.

* CBOT wheat Wv1 fell 1.2% to $8.83 a bushel, after climbing 8% in the previous session. The contract reached $8.96-3/4 on Tuesday, its highest since July 11, underpinned by renewed fears about Black Sea supplies.

* CBOT corn Cv1 shed 0.5% to $6.88-1/4 a bushel.

* Ukrainian farms in all government-controlled regions have started sowing winter wheat for the 2023 harvest, seeding 364,000 hectares, or 9% of the expected area.

* Ukraine's 2023 wheat harvest may decrease to 16-18 million tonnes from 19 million tonnes in 2022 due to an expected fall in the winter wheat sowing area, first deputy agriculture minister Taras Vysotskyi said.

* Concerns over Black Sea shipments flared as Moscow-installed leaders in occupied areas of four Ukrainian regions plan to hold referendums on joining Russia in coming days, a challenge to the West that could sharply escalate the war.


* The U.S. dollar ascended close to a two-decade high on Tuesday, as investors geared up for another hefty Fed rate hike. Global stocks fell and oil prices extended losses. MKTS/GLOB


1400 US Existing Home Sales Aug

0800 German Finance Minister Christian Lindner speaks on energy crisis, inflation, recession fears in Berlin

1800 U.S. Federal Reserve's Federal Open Market Committee (FOMC) announces its decision on interest rates followed by statement

1830 U.S. Federal Reserve chair Jerome Powell holds a news conference in Washington

(Reporting by Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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