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
US Soccer Federation hires ad tech company co-founder as CEO
Read More

US Soccer Federation hires ad tech company co-founder as CEO

Author of the article: CHICAGO (AP) — JT Batson, cofounder of the advertising technology company Hudson MX, was hired Monday as CEO and secretary general of the U.S. Soccer Federation. The 40-year-old replaces Will Wilson, the uncle of former Indianapolis Colts quarterback Andrew Luck. Wilson announced in June he was leaving on Oct. 31 after…
Soaring Dollar Leaves Food Piled Up in Ports as World Hunger Grows
Read More

Soaring Dollar Leaves Food Piled Up in Ports as World Hunger Grows

Importers from Ghana to Pakistan have struggled to pay for cargoes, risking shortages and adding to global food inflation. Author of the article: Bloomberg News Agnieszka de Sousa, Ekow Dontoh and Ismail Dilawar 2i[s)be1l{prs[gbvsr7l0wf_media_dl_1.png Bloomberg RSS (Bloomberg) — Food importers from Africa to Asia are scrambling for dollars to pay their bills as a surge in…
Lavras Gold to open trading on June 6
Read More

Lavras Gold to open trading on June 6

Author of the article: Leadership team will launch two weeks of marketing that will include a corporate update webinar on June 7 and PDAC on June 13 to 15 TORONTO, June 03, 2022 (GLOBE NEWSWIRE) — Lavras Gold Corp. (TSXV: LGC) will celebrate its launch and new public listing when it rings the bell to…
YouTube blocks RT, other Russian channels from earning ad dollars
Read More

YouTube blocks RT, other Russian channels from earning ad dollars

Author of the article: YouTube on Saturday barred Russian state-owned media outlet RT and other Russian channels from receiving money for advertisements that run with their videos, similar to a move by Facebook, after the invasion of Ukraine. Citing “extraordinary circumstances,” YouTube said that it was “pausing a number of channels’ ability to monetize on…