CHICAGO: US soybean futures firmed on Monday in a modest recovery from last week’s two-month low as crude oil markets rebounded and lifted soyoil prices more than 3%, traders said.
Wheat also gained as the US dollar softened and as weekly export inspections topped trade expectations.
Corn was flat to weaker, capped by forecasts for a large US crop and worries over demand from biofuel producers after news last week that the Environmental Protection Agency would recommend reducing federal biofuel blending mandates.
Grain and oilseed futures had fallen sharply last week as worries about global economic growth and rising coronavirus infections pressured broader markets. Crude oil and metals prices rose on Monday after bargain hunting drove equity markets higher across Asia and Europe.
“The macros are taking the foot off the throat of commodities today, except for corn. Traders are still very nervous about the biofuel RINs and what kind of exclusions will be given to refiners,” said Mike Zuzolo, president of Global Commodity Analytics.
Chicago Board of Trade December corn fell 2 cents to a one-month low of $5.35 a bushel by 11:32 a.m. CDT (1632 GMT). November soybeans gained 4-1/4 cents at $12.95 a bushel.
CBOT September wheat rose 7-1/2 cents to $7.21-3/4 a bushel. The US Department of Agriculture (USDA) said on Monday 657,854 tonnes of US wheat were inspected for export last week, higher than expected. Corn and soybean inspections were in line with trade forecasts.