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Markets

Soybeans hit more than six-year high on global supply concerns

  • Markets were concerned about dry weather in South America that could curtail soybean and corn production.
Published December 21, 2020

SYDNEY: US soybean futures rose more than 0.5% on Monday as concerns about global supply shortage pushed prices to a more than six-year high.

FUNDAMENTALS

The most active soybean futures on the Chicago Board Of Trade were up 0.6% to $12.27-1/4 a bushel by 0024 GMT, near the session high of $12.32 a bushel - the highest since June 2014. Soybeans had firmed more than 1.5% in the previous session.

The most active corn futures were up 0.5% to $4.39-3/4, having gained 1.2% in the previous session.

The most active wheat futures were up 0.2% at $6.09-1/4 a bushel, having closed little changed in the previous session.

Markets were concerned about dry weather in South America that could curtail soybean and corn production.

Argentine soy planting has been slowed by dryness, the Buenos Aires Grains Exchange said last week.

Shipping delays for crops coming out of Argentina due to a strike by the country's oilseed workers and grains inspectors supported prices.

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