Chicago soyabean futures rose for a fourth consecutive session on Monday to their highest in nearly three weeks as trade talks between Washington and Beijing boosted expectations of US soybean exports to China.
Corn ticked lower while wheat prices were largely unchanged.
The most-active soybean contract on the Chicago Board Of Trade was up 0.3 percent at $9.24-1/4 a bushel by 0353 GMT, after climbing to the highest since December 12 at $9.26 a bushel.
Corn was down 0.1 percent at $3.82-3/4 a bushel, having gained 0.9 percent in the previous session, while wheat was unchanged at $5.17 a bushel, having closed up 0.6 percent on Friday.
Soyabean prices are being buoyed as the United States and top global soya buyer China hold trade talks this week. "Chinese buying is key for US soybean prices but the market is not likely to rally until Beijing removes import tariff on US beans," said one Singapore-based trader". The US has a lot of soybeans to sell." There was additional support for soybeans stemming from dry weather in Brazil.
Brazilian soya farmers face the prospect of more crop failures, a grain growers group said on Friday, as a leading agribusiness consultancy revised its forecast for the country's crop this year due to a drought that is hurting fields. INTL FC Stone cut its estimate of Brazil's soyabean crop by about 4 million tonnes to 116.25 million tonnes due to a drought affecting some areas.
Wheat draws support from projections for a drop in US winter wheat plantings compared to a year ago.
Private analytics firm IEG Vantage, formerly known as Informa Economics IEG, estimated US winter wheat seedlings for the 2019 harvest at 31.513 million acres, down from the 32.535 million acres the US Department of Agriculture said farmers planted a year earlier.
The US Department of Agriculture delayed several major domestic and world crop reports because of the two-week-old partial government shutdown, the agency said on Friday.
New release dates for the monthly World Agricultural Supply and Demand Estimates report and other data originally scheduled for Friday, January 11, will be set once government funding is restored, USDA said.
US soybean crushing in November likely totalled 5.309 million short tons, or 177.0 million bushels, according to the average forecast of seven analysts surveyed by Reuters ahead of a monthly US Department of Agriculture report.
If realized, the average trade estimate would be down from a 182.9 million-bushel crush in October, but above the November 2017 crush of 173.3 million bushels.
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