JAKARTA: Chicago soybeans recovered on Friday, after hitting their lowest since September 2020 in the previous session, although the contract was set to post a second straight weekly drop.
Soybeans rise as bargain-buying supports; corn, wheat edge higher
Corn and wheat futures edged higher.
Fundamentals
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The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.57% at $10.14 a bushel, as of 0045 GMT. The contract has lost 1.27% so far in the week.
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Corn edged 0.3% higher to $3.9-3/4 a bushel and has lost 1.55% for the week, set to post its second consecutive weekly drop. Meanwhile wheat inched up 0.42% to $5.39-3/4 a bushel and set to post a second straight weekly gains.
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The number of ships facing grains loading delays in Argentina rose to 36 on Thursday, the CAPyM ports chamber told Reuters, due to an oilseed workers strike now in its fourth day that has halted operations at the country’s major agricultural hubs. Meanwhile, a pair of Argentine oilseed industry unions announced a one-day extension to the ongoing strike.
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Recent rains in Argentina brought relief to wheat-growing areas in the east of the country, while crops in western regions continue to worsen due to drought and cold, the Buenos Aires Grain Exchange (BdeC) said on Thursday.
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Algeria’s state grains agency OAIC has purchased around 600,000 to 700,000 metric tons of milling wheat in an international tender which closed on Thursday, European traders said.
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There is a 66% chance of the La Nina weather pattern, characterized by cold temperatures in the Pacific Ocean, emerging during September-November, a US government forecaster said.
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Strategie Grains has sharply lowered its monthly forecast for European Union soft wheat output and exports to its lowest in six years, citing worse than expected yields in rain-hit France and Germany.
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