SINGAPORE: Chicago soybean futures rose for the first time in four sessions on Tuesday, with bargain-buying supporting prices, although abundant supplies from the freshly harvest US crop are likely to curb gains. Corn prices dipped, while wheat edged higher.
“Large global supplies of soybeans, US harvest and improved weather conditions in Brazil for planting next year’s crop are going to limit the upside in prices,” said one trader in Singapore.
The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.2% to $9.87-3/4 a bushel, as of 0215 GMT, wheat gained 0.2% at $5.59-3/4 a bushel, while corn lost 0.1% to $4.10-1/2 a bushel.
US farmers have been harvesting the record-large 2024 soybean crop and the near-record corn crop at the fastest pace in over a decade, the US Department of Agriculture’s weekly crop progress report showed on Monday.
The USDA pegged the soybean harvest at 89% complete, as of Sunday, slightly below analysts’ expectations of 91%, while the corn harvest is 81% finished, above analysts’ expectations of 80%.
Brazil’s soybean planting for the 2024-25 season had reached 36% of the total expected area, as of Oct. 24, agribusiness consultancy AgRural said on Monday, up 18 percentage points from the previous week as weather conditions improved.
In the wheat market, increased showers for the US hard red winter wheat belt are expected to reduce dryness for the grain in the next 10 days and coming weeks, according to Commodity Weather Group.
Russian wheat prices dropped as weather in producing regions became more favourable, according to local consultancies.
Soybeans set for first weekly gain in a month on booming US exports
The price of 12.5% protein Russian wheat, scheduled free-on-board (FOB) for delivery in November, was $232 per metric ton at the end of last week, a drop of $2, said Dmitry Rylko, head of the IKAR consultancy.
Commodity funds were net sellers of CBOT corn, wheat, soybeans, soyoil and soymeal futures contracts on Monday, traders said.
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