Soybeans hit over 6-year high as South America weather, labour strikes stoke supply woes
- The most active corn futures were up 0.2% to $4.40-3/4 a bushel, after gaining 0.6% in the previous session.
SYDNEY: US soybeans hit a more than six-year high on Tuesday, as adverse weather and labour strikes in South America stoked fears about global supplies.
FUNDAMENTALS
The most active soybean futures on the Chicago Board Of Trade were up 0.5% to $12.53-1/2 a bushel by 0300 GMT, hovering near their highest since June 2014 of $12.54 a bushel hit earlier in the session. Soybeans firmed 1.9% on Monday.
The most active corn futures were up 0.2% to $4.40-3/4 a bushel, after gaining 0.6% in the previous session.
The most active wheat futures were up 0.2% at $6.12-1/4 a bushel, after closing up 0.5% on Monday.
Soybean export inspections topped 2.5 million tonnes for the week ending Dec. 17, up 3.1% from the prior week, according to the US Department of Agriculture.
More than 100 cargo ships were kept from loading agricultural goods in Argentina on Monday, as a wage strike by grains inspectors and oilseed workers stretched into its second week, paralyzing exports from one of the world's breadbaskets.
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