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Markets

Soybeans edge higher on US crop concerns

  • In Europe, crop monitor MARS expected torrential rains that hit the western part of the bloc this month to have impaired crop quality rather than quantity
28 Jul 2021

CANBERRA: US soybean futures edged higher on Wednesday as concerns over tightening global supplies amid signs of crop damage in the United States underpinned prices.

Corn edged lower despite recent damage to US crops, while wheat rose more than 0.5%.

The most-active soybean futures on the Chicago Board Of Trade were up 0.3% at $13.63 a bushel by 0450 GMT, having closed little changed in the previous session.

Analysts said prices were drawing support from conditions in the US Midwest, where crops have suffered due to hot, dry weather in recent weeks.

Soybeans slip to two-week low, corn also weakens

"U.S soybean crops are on the cusp of their crop crucible with August almost upon on us, and so Midwest weather starts to take on greater importance," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

The US Department of Agriculture this week said the soybean crop was rated 58% good-to-excellent, down 2 percentage points from a week earlier and behind market forecasts.

The most active corn futures fell 0.2% to $5.45-1/4 a bushel, having closed little changed in the previous session.

Corn has also suffered from recent unfavourable weather, though analysts said crops have passed through the critical growth period.

The USDA said good-to-excellent ratings for corn fell by 1 percentage point to 64% in the week ended July 25, below market expectations. The most-active wheat futures were up 0.7% at $6.79-1/4 a bushel, having closed down 0.4% on Tuesday.

Russia's southern region of Krasnodar, one of the country's largest wheat-producing and exporting areas, harvested a record grain crop of 12.4 million tonnes, its governor said on social media.

In Europe, crop monitor MARS expected torrential rains that hit the western part of the bloc this month to have impaired crop quality rather than quantity.

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