Soybean prices rebound, improved US weather limits upside
HAMBURG - Chicago soybeans, corn and wheat rose on Monday, supported by a weaker dollar which makes U.S. supplies cheaper in export markets.
Gains were limited by expectations the U.S. Department of Agriculture (USDA) will give a positive picture of U.S. crops in its weekly condition report later on Monday.
Chicago Board of Trade most-active soybeans rose 0.4% to $10.54-3/4 a bushel at 1119 GMT. Wheat rose 0.9% to $5.29-3/4 a bushel, corn rose 0.7% to $446-3/4 a bushel.
"The weaker dollar today is supportive for wheat, corn and soybeans despite expectations of good U.S. crop conditions with favourable weather continuing in the U.S. grain belts," said Matt Ammermann, StoneX commodity risk manager.
"U.S. wheat is about the cheapest in the world although demand for U.S. wheat is thin. Saudi Arabia made a large purchase today which is expected to be sourced from the Black Sea, but will at least take some rival supplies out of the market."
Saudi Arabia's purchase of 621,000 metric tons of wheat on Monday was anticipated by traders to mostly come from Russia, Romania and Bulgaria.
"Soybeans and corn are also seeing support from hopes the U.S. will soon agree more trade deals which could involve better market access for U.S. agricultural commodities," Ammermann said. "The U.S. and India are starting trade talks. There is also still hope that China, such a big buyer of soybeans and corn, will agree a new trade deal with the U.S."
"But rises are limited by belief the weekly U.S. crop conditions report later today will give a positive picture of soybean and corn crop development and sowings."
Beneficial planting and growing conditions for soybeans and corn crops in the U.S. Midwest have recently put downward pressure on prices, with welcome rain forecast in U.S. grain belts.
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