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Markets

Soybeans slip from 1-week high, US heat stems losses

  • Position-squaring ahead of key US report weighs.
  • Hot forecast for US growing areas limits decline.
Published June 29, 2021

SINGAPORE/PARIS: Chicago soybean futures slid on Tuesday ahead of a key US report on planted acres, but forecasts for heat in the western US Midwest limited losses.

Corn and wheat also edged lower.

"Hot weather is a real and a longer-term concern," said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.

"But we do think that the USDA (US Department of Agriculture) stocks and acreage report may show more acres planted in the US than expected and some traders would want to square up ahead of the report."

The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.5% to $13.05-3/4 a bushel by 1120 GMT, after climbing earlier to its highest since June 22 at $13.26 a bushel.

Wheat also shed 0.5% to $6.48-1/4 a bushel and corn gave up 0.7% to $5.43-1/2 a bushel.

The market is awaiting US acreage and stocks data due on Wednesday from the USDA.

Even though rains over the weekend were heavy in some areas of the US Midwest, other spots received just enough to protect the crop for a short time. Forecasts for hot weather next week are supporting prices.

Russian wheat export prices were largely unchanged last week, supported by a new floating duty in Russia and improving crop forecasts ahead of the start of the new marketing season, analysts said on Monday.

Egypt's state grains buyer, the General Authority for Supply Commodities, said on Monday it had bought 180,000 tonnes of Romanian wheat in an international tender.

Consultancy Strategie Grains has raised its forecast for this year's European Union rapeseed harvest while trimming demand expectations, projecting reduced supply tightness next season.

Commodity funds were net buyers of CBOT corn, soybean, wheat, soymeal and soyoil futures contracts on Monday, traders said.

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