Markets

Soybeans firm on Brazil harvest delays

  • Brazilan delays threaten global supplies.
  • Corn little changed despite USDA planting report.
  • Wheat firms for second straight sessions.
Published April 6, 2021

CANBERRA: US soybean futures edged higher on Tuesday as harvest delays in Brazil stoked concerns about short-term supply disruptions.

Corn was little changed, while wheat edged up for a second straight session.

The most-active soybean futures on the Chicago Board Of Trade were up 0.4% to $14.18 a bushel by 0545 GMT, having firmed 0.8% on Monday.

Analysts said soybeans were drawing support from concerns about worries about harvesting delays in Brazil, which could limit near-term supplies.

"The prompt market remains very tight," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

Brazilian farmers had harvested 78% of the area planted with the 2020/2021 soybean crop as of last Thursday, compared with 83% at the same point last year, agribusiness consultancy AgRural said on Monday.

Last week, Soybeans were supported by a shocking report from the US Department of Agriculture that US farmers plan to sow 87.6 million acres with soybeans this spring, well below market expectations.

The most-active corn futures were little changed at $5.53 a bushel, having closed down 1.2% in the previous session.

Analysts noted the USDA's planting report, which was pegged at 2% complete, was below market expectations.

The most-active wheat futures were up 0.2% to $6.19-1/2 a bushel, having closed up 1.1% on Tuesday.

The USDA said on Monday that 53% of the US winter wheat crop was rated good-to-excellent,

The ratings, the government's first assessment of conditions since the crop emerged from its winter dormancy, were in line with market expectations for wheat.

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