Soybeans at one-week top on strong demand; wheat, corn firm
Chicago soybeans rose for a fourth consecutive session on Thursday to a one-week high, underpinned by strong demand led by top importer China. Wheat and corn gained ground.
“We think that Soybeans will continue to find good demand and US harvest pressure has largely come and gone,” said Ole Houe, director of advisory services at IKON Commodities in Sydney.
“However, the global market remains well supplied in the near to medium term, so there is a limit to how far beans can run to the upside.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.3% to $10.01-3/4 a bushel, as of 0352 GMT, its highest since Oct. 16.
Wheat added 0.2% to $5.79-3/4 a bushel and corn rose 0.1% to $4.19-1/2 a bushel.
US soybean export premiums are at their highest in 14 months, as grain merchants race to ship out a record-large US harvest ahead of the US presidential election and fears of renewed trade tensions with top importer China.
Her lead in the six-day poll, which closed on Monday, reinforces the view that the race is extraordinarily tight with just two weeks left before the Nov. 5 US presidential election. Some other polls have also shown Harris leading the former US president.
Increased tariffs on imports from China could spur retaliation from the leading soybean importer.
Strong rains this week in Argentina have given a huge boost to the farming sector after a tough period of drought, “turning the game around” for corn and wheat farmers who had been facing deep losses, the Rosario grains exchange said on Wednesday.
Wheat prices faced pressure from Russia’s recent efforts to regulate its grain trade. Russia, the world’s biggest wheat exporter, has proposed the creation of a grain exchange among BRICS countries – Brazil, Russia, India, China, and South Africa – which could later be expanded to trade other major commodities such as oil, gas and metals.
Commodity funds were net buyers of CBOT corn, soybean and wheat futures contracts on Wednesday, traders said.
Funds were net sellers of soymeal futures contracts and net even in soyoil futures contracts.
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