Saturday, October 1, 2022

Soybeans ease, but LatAm supply woes limit losses

* Soybeans down 0.2%, Brazil, Argentina weather limit losses

* Chicago wheat futures down 0.9%, corn falls 0.5%

SINGAPORE, Feb 15 (Reuters) – Chicago soybean futures dipped on Tuesday, although concerns over arid South American weather conditions limited losses, while wheat lost ground and corn ticked lower.

“Feed grain prices still have other important issues to worry about and support prices,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. “Principally, that is an extending dry and hot period in some South American crop regions.”

The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.2% at $15.66-3/4 a bushel, as of 0450 GMT.

Wheat lost 0.9% to $7.92 a bushel and corn gave up 0.5% to $6.54-1/2 a bushel.

Brazil’s farmers had harvested 24% of the soybean area through the end of last week, according to data from agribusiness consultancy AgRural.

Strong export inspections from the US Department of Agriculture underpinned soybean and corn prices.

US exporters readied 1.15 million tonnes of soybeans for shipment the week ended Feb. 10, down 6.9% from the week prior but in line with analysts’ expectations.

Export inspections of 1.46 million tonnes of corn were 36.6% higher than the week prior and above trade estimates.

Losses in the wheat and corn market were curbed by Russia-Ukraine tensions, though diplomatic talks have eased worries about export disruptions in the Black Sea.

Commodity funds were net buyers of CBOT corn, wheat and soyoil futures contracts on Monday and net sellers of soybeans and soymeal, traders said. (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)

Nation World News Desk
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