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Soybeans hit 4-month high on U.S. weather outlook

Reuters, 06.07.20

The most active soybean futures on the Chicago Board Of Trade hit their highest since March 5 at $9.06-3/4 a bushel

Image used for illustrative purpose. Soybeans are loaded into a truck at the Ruff Brothers Grain elevator in Leonore, Illinois, U.S., July 6, 2018. REUTERS/Daniel Acker

SYDNEY - U.S. soybeans rose more than 1% on Monday, as concerns about hot and dry weather in a key growing region in the United States pushed prices to a more than a four-month high.

Corn rose 1.5%, recouping all the losses from the previous session, while wheat firmed nearly 1%.

The most active soybean futures on the Chicago Board Of Trade hit their highest since March 5 at $9.06-3/4 a bushel and were last up 1% at $9.08-1/2 a bushel. Soybeans fell 0.3% in the previous session.

Traders said soybeans were drawing support from concerns about hot, dry weather across the U.S. Midwest region.

"The weather is pretty unfavourable, which could weaken yield potentials," said a Melbourne-based grain trader, who declined to be named as he is not authorised to talk to the media.

The most active corn futures were up 1.5% at $3.58-3/4 a bushel, having closed down 1.9% in the previous session.

The U.S. Department of Agriculture last week reported 92 million acres of corn planted this spring, down from the agency's March forecast of 97 million acres.

For the week ended June 25, the agency reported export sales to China totalling 593,981 tonnes of new-crop soybeans and 19,149 tonnes of corn.

The most active wheat futures were up 0.8% at $4.96-1/4 a bushel, having closed down 1.4% in the previous session.

Russian wheat exports are likely to fall in July after a slow start to the harvest but may rise in later months when there will not be export quotas, IKAR and SovEcon agriculture consultancies said.

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