SYDNEY, Dec 23 (Reuters) – U.S. soybean futures broke a four-day rally on Wednesday, slipping from a six-year high hit in the previous session when traders maintained profits.
PROPERTY
* The most active soybean futures on the Chicago Board of Trade fell 0.4% to $ 12.45 a bushel by 0156 GMT, after closing at a June 2014 high of $ 12.56 on Tuesday.
* Most active corn futures were down 0.4% to $ 4.41-3 / 4 per bushel, after finishing 0.8% in the previous session.
* Lowest wheat futures were down 0.9% at $ 6.11-3 / 4 per bushel, after closing up 0.9% on Tuesday.
* Aprosoja, an association representing Brazilian grain growers, has cut the forecast for the country’s 2020/2021 soybean crop, announcing that production is expected to fall due to drought in major producing states .
* China is expected to import more than 100 million tons of soybeans in 2020, the highest level, according to state-owned grain trader COFCO.
* More than 100 cargo ships were detained from loading agricultural goods in Argentina on Monday, as a wage strike by grain inspectors and oil workers stretched into its second week, taking export paralysis from one of the world’s bread baskets.
MARKET NEWS
* The dollar rose on Tuesday in a thin trade, as concerns about a coronavirus outbreak in Britain that has led to lockouts and travel restrictions have dampened hopes of a U.S. stimulus bill passed by Congress overnight.
* Asian shares were set for choppy trading, as the investor’s focus shifted concerns about a new version of the faster-spreading coronavirus and the hope that more U.S. fiscal support would lead to economic recovery.
Reciting with Colin Packham; Edited by Rashmi Aich