CHICAGO: US soyabean futures advanced on Monday on renewed buying by China and as concerns lingered about dry conditions in western portions of Midwest farm belt despite scattered storms over the weekend.
Corn futures were mostly lower as rain in the central corn belt boosted crop prospects, while wheat was mixed amid winter crop harvest pressure and worries about the drought-hit spring crop.
“We got a lot of rain over the weekend in some areas. While that’s certainly beneficial, the longer term forecasts - the 6-10 day, the 10-14 day - have gotten a bit drier, especially in the western half of the corn belt,” said Ted Seifried, chief ag strategist with the Zaner Group.
The US Department of Agriculture (USDA) is due to update its weekly crop condition ratings later on Monday, with analysts, on average, expecting the share of corn and soyabeans rated good to excellent to drop by 2 percentage points due to stressful Midwest weather last week.
Soyabean futures also drew support from USDA confirmation on Monday of renewed buying by China, first reported by Reuters on Friday, the country’s largest scale purchases in 4-1/2 months.
Chicago Board of Trade July soyabeans were up 17 cents at $14.13 a bushel by 12:24 p.m. CDT (1724 GMT), while new-crop November soyabeans were up 1 cent at $13.14 a bushel. July corn gained 2-3/4 cents to $6.58 a bushel, while new-crop December fell 8-1/2 cents to $5.57-3/4 a bushel.
CBOT July soft red winter wheat was up 3-1/4 cents at $6.66 a bushel.
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