Soybeans hovers near record high as U.S. cuts supply outlook

Author of the article: SINGAPORE — Chicago soybean futures gained ground on Monday, with the market rising for five out of six sessions and trading close to last week’s all-time high, supported by a U.S. forecast of lower inventories. Wheat jumped 1.5% as concerns over supplies from the Black Sea region underpinned prices, while corn…
Soybeans hovers near record high as U.S. cuts supply outlook

Author of the article:

SINGAPORE — Chicago soybean futures gained ground on Monday, with the market rising for five out of six sessions and trading close to last week’s all-time high, supported by a U.S. forecast of lower inventories.

Wheat jumped 1.5% as concerns over supplies from the Black Sea region underpinned prices, while corn rose after closing largely unchanged on Friday.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) added 0.1% to $17.47 a bushel of 0009 GMT, not far from Thursday’s record high of $17.84 a bushel.

* Wheat rose 1.5% to %10.86 a bushel and corn gained 0.7% to $7.78-1/2 a bushel.

* U.S. soybean stocks will be smaller than previously forecast, as export demand for U.S. offerings remains strong even with recently harvested supplies from Brazil and Argentina available for overseas buyers, the government said on Friday.

* The U.S. Department of Agriculture (USDA) lowered its outlook for 2021/22 ending stocks of soybeans to 205 million bushels from 235 million. For the 2022/23 marketing year, the soybean stocks estimate was cut to 280 million from 310 million.

* Corn ending stocks were pegged at 1.485 billion bushels for 2021/22 and 1.400 billion for 2022/23, with the export outlook for the 2021/22 marketing year cut by 50 million bushels to 2.450 billion bushels.

* The agency projected 2022/23 ending stocks of wheat at 627 million bushels, up 6 million bushels from a month earlier.

* A lack of grain supplies from war-torn Ukraine continued to support global wheat prices.

* The condition of France’s soft wheat crop deteriorated for a sixth consecutive week, data from farm office FranceAgriMer showed, but a smaller decline in the latest week suggested rain and cooler temperatures may be curbing spring drought.

* An estimated 66% of the French soft wheat crop was in good or excellent condition in the week to June 6, against 67% the previous week, FranceAgriMer said in a cereal crop report on Friday.

* Large speculators cut their net long position in CBOT corn futures in the week to June 7, regulatory data released on Friday showed.

* The Commodity Futures Trading Commission’s weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and cut their net long position in soybeans.

MARKET NEWS

* Global equity markets slumped and the dollar strengthened on Friday after a bigger-than-expected U.S. inflation spike in May raised concerns the Federal Reserve may tighten policy for too long and cause a sharp slowdown.

DATA/EVENTS (GMT, April) 0600 UK GDP Est 3M/3M 0600 UK GDP Estimate MM, YY 0600 UK Manufacturing Output MM (Reporting by Naveen Thukral; Editing by Rashmi Aich)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
ECB’s High-Wire Act to Deliver Rate Liftoff Enters Final Stretch
Read More

ECB’s High-Wire Act to Deliver Rate Liftoff Enters Final Stretch

(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. Author of the article: Bloomberg News Craig Stirling nnza7pjrm4s5v2p7b2oocm(l_media_dl_1.png Bloomberg RSS (Bloomberg) — Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. Advertisement 2 This advertisement has not loaded yet, but your article continues below. The European Central…
Biden menu of options to lower gasoline prices is not appetizing
Read More

Biden menu of options to lower gasoline prices is not appetizing

Author of the article: WASHINGTON — U.S. President Joe Biden has few appealing policy options to get record high U.S. gasoline prices under control ahead of the critical summer driving season, when millions of Americans fill their tanks and hit the road for vacations. “The President and our national security team and our economic team…
Vietnam’s Vinfast IPO may be pushed back to 2023 on market uncertainty -exec
Read More

Vietnam’s Vinfast IPO may be pushed back to 2023 on market uncertainty -exec

This advertisement has not loaded yet, but your article continues below. Author of the article: Article content HANOI — The chairman of Vietnam’s Vingroup conglomerate said on Wednesday that an initial public offering (IPO) for the company’s auto unit, VinFast, may be delayed until next year due to market uncertainty. The IPO is currently slated…