Even with the slight dip in the overnight, soybeans look to be supported by fear about dry weather in soy production regions in parts of Argentina and Brazil. Wheat and corn are seeing some selling today after their strong rises on Tuesday, with little new news visible immediately to generate more price strength.
Chinese city Wuxi will suspend poultry trade amid fears about bird flu. The city plans to close live poultry wholesale markets, restrict vehicles carrying live poultry and temporarily ban the entry of outside poultry. At least seven people in mainland China have been infected with the H7N9 bird flu strain and two have died.
A wave of imports has bumped Chinese pork retail prices 10 percent since they hit record levels in June on a domestic supply shortage. Meantime, the price of soymeal has hit a 2-1/2 year high in Sichuan as farmers buy up stock to feed up pigs for the New Year "golden season".
In outside markets, imports of crude oil by Iran’s four major buyers in Asia more than doubled from a year ago. Purchases by India and South Korea have been more than four times higher. China, India, South Korea, and Japan imported 1.94 million bpd of Iranian oil in November, an increase of 117% from last year.
Oil prices edged up for a fourth consecutive session on Wednesday, close to their peaks since mid-2015, with the market awaiting evidence of OPEC supply reductions in the new year. Oil prices have gained 25 percent since mid-November, helped by expectations for OPEC's supply cut and solid U.S. economic figures that have also bolstered equity prices. Trading is expected to remain thin this week ahead of the New Year holiday.
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