US soyabeans climbed about 1 percent early on Monday to a seven-week high on steady export demand and unfavourable weather in South America slowed the harvest in northern Brazil and threatened crops in Argentina. Corn and wheat turned lower on concerns about demand after a government report at midmorning showed export inspections last week were lighter than anticipated.
The US Department of Agriculture on Monday confirmed private sales of 116,000 tonnes of US soyabeans to China, with 58,000 tonnes of it for shipment in the current marketing year, which ends August 31. The weather in Brazil was mostly favourable for crops, but relentless rain in northern areas of the country has stalled the early harvest. Meanwhile, dry conditions remain an issue in Argentina's crop growing areas.
Chicago Board of Trade March soyabeans rose 13 cents, or 0.9 percent, to $14.87-1/4 per bushel by 11:57 am CST (1757 GMT), climbing for the sixth time in seven sessions. Corn and wheat were higher early, but retreated after the US Department of Agriculture reported export inspections of both grains declined last week.
CBOT March corn fell for a second straight session, shedding 4-1/4 cents, or 0.6 percent, to $7.31-3/4 a bushel. CBOT March wheat dipped 2-3/4 cents, or 0.4 percent, to $7.62-1/4 a bushel. An estimated 5.348 million bushels of corn and 15.206 million bushels of wheat were inspected for export in the week ended January 31, USDA said. That was below trade estimates for inspections of 15 million to 20 million bushels of corn and 20 million to 25 million bushels of wheat.
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