Soybeans rebound from 1-month low on USDA harvest report

CANBERRA — U.S. soybean futures edged higher on Tuesday for the first time in five sessions, as prices rebounded from a near one-month low hit in the previous session, after the U.S. Department of Agriculture (USDA) said harvesting was behind market estimates.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.1% at $11.89-1/4 a bushel, as of 0151 GMT, having closed 1.4% lower on Monday when prices hit an Oct. 13 low of $13.87 a bushel.

* The most active corn futures were down 0.1% at $5.51 a bushel, having closed 0.3% lower in the previous session when prices hit an Oct. 27 low of $5.49-1/2 a bushel.

* The most active wheat futures down 0.1% at $7.67-1/2 a bushel, having closed 0.9% weaker on Monday.

* The U.S. soybean harvest was 87% complete as of Sunday, the USDA said in a weekly crop progress report on Monday, slightly behind the five-year average of 88% and the average estimate in a Reuters analyst poll of 89%.

* The U.S. corn crop was 84% harvested, the USDA said, ahead of the five-year average of 78%, but behind the average analyst expectations of 85%.

* In its monthly world supply-demand report, the USDA on Tuesday is expected to raise its U.S. soy and corn harvest forecasts sightly from October.

* The USDA is also expected to increase its projections for U.S. and global 2021-22 soybean ending stocks and trim its U.S. and global corn carryout estimates.

* Soybean imports by China, the world’s top buyer of the oilseed, fell 41.2% in October from a year earlier, hitting the lowest level since March 2020.

* Planting of Brazil’s 2021/2022 soybean crop, meanwhile, reached 67% of the estimated area through last Thursday, bolstered by good weather, consultancy AgRural said.

MARKET NEWS

* The dollar hovered a little below the year’s peaks on Tuesday, while cryptocurrencies scaled records, as inflation numbers loom as the next test of traders’ thinking on the outlook for interest rates.

* Oil prices rose on Monday as positive signs for global economic growth supported the outlook for energy demand and the United States said it was weighing options to address high prices.

* World shares hit new highs on Monday as investors welcomed the passage of a U.S. infrastructure spending bill, while crude oil gained on the outlook for energy demand in an expansive global economy.

(Reporting by Colin Packham; Editing by Sherry Jacob-Phillips)