SINGAPORE: Chicago soybean futures edged lower on Monday dropping for the first time in five sessions as the market took a breather, even as strong demand kept the oilseed near a nine-day high.
Wheat gained ground, trading close to its highest in nine years on tightening global supplies and robust demand.
"Prices have come down a little, but supply-demand fundamentals are still pretty bullish," said a Singapore-based trader, who supplies to millers in Asia. "It is getting difficult to get wheat supplies from the Black Sea region."
The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.3% to $12.40-1/4 a bushel by 0355 GMT, after hitting a Nov. 3 high on Friday.
Wheat added 0.1% to $8.17-1/2 a bushel after climbing to its highest since December 2012 in the last session, while corn slid 0.5% to $5.74-1/4 a bushel.
China's soyoil hit near 10-year high, crush margins swing back to profit
Soybeans supported amid soaring demand for soymeal, used in animal feed rations, against the backdrop of transportation bottlenecks and labour shortages.
Shrinking export surplus from some of the key wheat suppliers, including Russia, is underpinning prices which have climbed 28% this year.
There is additional support stemming from robust demand.
Iraq will issue an international tender to buy 500,000 tonnes of wheat in December or early 2022, a trade ministry spokesperson told Reuters on Friday.
Commodity funds were net buyers of CBOT soybean, corn, soymeal and wheat futures contracts on Friday and net sellers of soyoil futures, traders said.
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