Soyabean futures on the Chicago Board of Trade were higher early on Tuesday on tight US supplies and expectations of strong export demand amid market talk of China buying US soyabeans, traders said. Corn followed soyabeans higher, with a slowdown in farmer cash sales of corn and an upturn in wheat lending support, wheat rallied, led by the markets in Kansas City and Minneapolis, after Egypt bought 220,000 tonnes of US hard wheat at its latest tender.
CBOT trends at 10:28 am CDT (1528 GMT) on Monday. December wheat up 4 cents at $7.13-1/4 a bushel. KCBT wheat up 5-6 cents, MGEX up 3-6. Rallied after weak open, led by Kansas City and Minneapolis markets, after Egypt bought 220,000 tonnes of US hard wheat at its latest tender. But rally capped by ideas the market is technically overbought. Egypt's GASC bought 220,000 tonnes US wheat for December 11-20 shipment. USDA reported export inspections of US wheat in the latest week at 21.910 million bushels, below trade estimates for 22 million to 26 million.
December corn up 11 cents at $5.66-3/4 a bushel. Following soybeans higher, but staying below Monday's two-year highs. US Agriculture Department's reduced crop view continues to underpin the market. USDA reported export inspections of US corn in the latest week at 30.668 million bushels, below trade estimates for 32 million to 36 million.
November soyabeans up 14-1/2 cents at $11.67 a bushel; January up 15-1/2 at $11.78-1/2. Strong export demand, tight supply situation supportive to soybean prices despite strengthening dollar. Talk that China might be buying more US soyabeans. USDA reported export inspections of US soybeans in the latest week at 37.921 million bushels, above trade estimates for 25 million to 35 million.