Markets

Soybeans down for 2nd session on improved Argentine weather

  • Wheat futures are under pressure from expectations of higher production in the world's top exporter Russia.
Published March 18, 2021

SINGAPORE: Chicago soybeans slid for a second session on Thursday as rains in parts of parched Argentina boosted hopes of supplies from the world's biggest exporter of soyoil and soymeal. Corn slid after closing higher while wheat lost more ground.

FUNDAMENTALS

  • The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 0.2% to $14.16 a bushel as of 0012 GMT.
  • Corn gave up 0.3% to $5.56-1/2 a bushel and wheat lost 0.4% to $6.37-3/4 a bushel.

  • Rain storms this week in Argentina's Pampas farm belt have slowed the deterioration of many drought-hit soybean and corn fields, crop weather specialists said on Wednesday.

  • Dryness has blighted Pampas since mid-2020, prompting the Buenos Aires Grains Exchange last week to cut its soy and corn harvest estimates. Soy and corn are Argentina's main cash crops.

  • Wheat futures are under pressure from expectations of higher production in the world's top exporter Russia.

  • Russian Sovecon agriculture consultancy said on Wednesday that it had raised its forecast for Russia's 2021 wheat crop to 79.3 million tonnes from the previously expected 76.2 million tonnes.

  • The USDA has confirmed 2.38 million tonnes in US old-crop corn sales to China over the past two days. The department is due to release weekly export sales data early on Thursday.

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