SINGAPORE: Chicago soybean futures edged higher on Monday, with prices rising for the first time in three sessions on bargain-buying, although improved US growing conditions are likely to curb gains.
Wheat inched higher as dryness in China’s key growing areas supported prices, while corn firmed after last session’s losses. The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.1% to $10.51-1/4 a bushel, as of 0413 GMT.
Wheat rose 0.7% to $5.28-3/4 a bushel and corn added 0.3% to $4/45 a bushel. Beneficial planting and growing conditions for soybeans and corn crops in the US Midwest have put pressure on futures.
China has issued a warning on Friday about a high risk of dry, hot winds from next Monday to Thursday that could damage winter wheat crops in major producing areas, including Henan - a key wheat-growing province known as the country’s granary.
Large speculators increased their net short position in CBOT corn futures in the week to May 13, regulatory data released on Friday showed. The Commodity Futures Trading Commission’s weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and switched to a net long position in soybeans.
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