BEIJING: Chicago soybeans and corn extended gains on Monday to hit multi-month highs, as unfavourable dryness and heat in South America stoked supply worries, while wheat inched lower after a six-session winning streak.
Soy and corn crop harvests this season are expected to be smaller in southern Brazil as dryness has affected fields, weather forecasters and consultancies said.
The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.7% to $13.50 per bushel by 0330 GMT, extending gains to a ninth session to hit its strongest level in more than four months.
Corn was up 0.6% at $6.09-1/4 a bushel, rising for a fourth straight session to scale its highest in nearly six months. Meanwhile, wheat edged down by 0.2% to $8.13 a bushel.
Argentina's 2021/22 wheat crop is expected at a record 21.5 million tonnes, the Buenos Aires Grains Exchange said on Thursday, citing better-than-expected yields as its reason for increasing its previous 21 million tonne forecast.
Russia's United Grain Co has set up a joint venture with Egypt's Astra Ltd to supply Russian grain to the Egyptian market, according to a statement by the company.
Russia has set out its grain export taxes for Dec. 29-Jan. 11, the agriculture ministry said on Friday. Russia, the world's largest wheat exporter, launched its formula-based duty for grain exports from June as part of measures to stabilise domestic food inflation.
Commodity funds were net buyers of Chicago Board of Trade corn, soybean, soymeal and soyoil futures contracts on Thursday, traders said. Funds were seen as about net even in CBOT wheat.
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