US soyabean futures rose to their highest in nearly three weeks early on Monday, supported by technical buying and signs of stronger-than-expected export demand, traders said. Overseas interest for US supplies also supported corn futures, which rose to their highest since February 5, while wheat weakened due to a firm dollar and plentiful global wheat supplies.
Soyabeans surged to session highs after the US Agriculture Department said weekly export inspections of soya totalled 1.531 million tonnes in the latest week, above the high end of trade forecasts that ranged from 1.1 million to 1.4 million. Slow farmer sales of newly harvested supplies in South America was extending the window for US supplies on the export market.
At 10:43 am CST (1643 GMT), Chicago Board of Trade March soyabean futures were up 7-1/4 cents at $8.85-1/2 a bushel. Prices hit their highest since February 2 earlier in the session. Technical support was noted at the contract's 100-day moving average shortly after the start of the US trading day. CBOT March corn futures were up 2-1/2 cents at $3.68 a bushel.
USDA said corn export inspections came in at a higher-than-expected 900,323 tonnes, up from 691,641 tonnes a week earlier. Separately, USDA said private exporters sold 100,000 tonnes of US corn to Colombia in a flash sale. CBOT March soft red winter wheat was 3/4 cent lower at $4.61 a bushel. The dollar rose to a three-week high on Monday, bolstered by gains in oil and stocks as well as losses in sterling and the euro amid worries about Britain's possible exit from the European Union.
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