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Soybean futures drop 1.5% as soyoil crumbles; corn, wheat weak too

04/12/2021 | 03:35pm EDT

CHICAGO, April 12 (Reuters) - U.S. soybean futures fell 1.5% on Monday, led lower by the soyoil market's decline to its lowest in nearly six weeks on bearish data about palm oil supplies, traders said.

"The bean oil led the beans up and it looks like they are going to lead them down," said Mark Gold, managing partner at Top Third Ag Marketing.

Corn futures were down 1.2% as funds liquidated long positions after the most-active contract hit its highest in nearly eight years on Friday. Forecasts for dry weather that will provide a good window for planting in the U.S. Midwest this week added further pressure.

Wheat futures also were lower, with traders raising concerns that bumper production estimates for countries in the Black Sea region will hurt export demand for U.S. supplies.

Chicago Board of Trade May soybean futures ended down 21 cents at $13.82 a bushel. CBOT July soyoil was off 1.35 cents at 49.58 cents per lb, with the most active contract hitting its lowest since March 2.

Traders shrugged off U.S. Agriculture Department announcements that private exporters reported sales of 132,000 tonnes of soybeans to China and 110,000 tonnes of soybeans to Bangladesh.

CBOT May corn was down 8-1/4 cents at $5.69 a bushel and CBOT May soft red winter wheat dropped 10-3/4 cents to $6.28 a bushel.

The 1.4% drop in corn was the biggest in percentage terms for the most-active contract in three weeks.

Consultancy Sovecon on Friday raised its forecast of Russia's 2021 wheat crop by 1.4 million tonnes to 80.7 million tonnes following favorable weather. Consultancy IKAR on Monday raised its forecast to 81 million tonnes.

The weather has been good for the upcoming crop in Russia and Ukraine in recent weeks, with additional healthy rains expected to come to Russia's south this week, Sovecon said. (Additional reporting by Michael Hogan in Hamburg and Naveen Thukral in Singapore, editing by Simon Cameron-Moore, Nick Zieminski and Dan Grebler)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 1.74% 772.75 End-of-day quote.55.63%
LONDON BRENT OIL -0.07% 68.2 Delayed Quote.32.53%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 3.46% 442.5 End-of-day quote.-2.33%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 0.20% 66.38 End-of-day quote.52.90%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 1.21% 773.5 End-of-day quote.19.32%
WTI -0.07% 64.833 Delayed Quote.35.13%
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