BEIJING: Chicago soybean and corn futures rose on Monday, supported by concerns over dryness in key exporter Argentina hurting the growth of crops, while wheat also edged higher.
Chicago soybeans, corn and wheat futures stumble on farmer sales, weekly dollar gains
Fundamentals
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The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 1.29% at $10.04 a bushel by 0149 GMT.
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Chicago corn inched up 0.78% to $4.54-2/8 while wheat rose 0.8% to $5.33 a bushel.
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A hot, dry austral summer is beginning to cause damage to Argentina’s 2024/25 soybean and corn crops, the country’s two main grains exchanges said on Friday, after abundant spring rains had until recently provided excellent growing conditions.
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Kazakhstan exported 3.7 million metric tons of new-harvest grain from September to the end of December, up 54% from the same period in 2023, the agriculture ministry said on Sunday.
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Convoys of farmers set off on Sunday to try to block roads around Paris in protest against what they say is unfair competition from overseas and excessive regulation.
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The Taiwan Flour Millers’ Association has issued an international tender to purchase an estimated 114,650 metric tons of grade 1 milling wheat to be sourced from the United States, European traders said. The deadline for submission of price offers in the tender is Jan. 9.
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Commodity funds were net sellers of Chicago Board of Trade soybean, soyoil, soymeal, corn and wheat futures contracts on Friday, traders said.
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