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Soybeans drop for 2nd session on improved U.S. weather

08/02/2021 | 05:36am EDT

* Rains in parts of U.S. Midwest weigh on soybeans, corn

* Market eyes U.S. crop condition report due later on Monday (Updates with continued soy and corn weakness in European trade)

SINGAPORE/HAMBURG, Aug 2 (Reuters) - Chicago soybean futures slid for a second straight session on Monday and corn also dropped, pressured by forecasts for rain in parts of the U.S. Midwest grain belts.

Wheat rose on expectations of lower world harvests.

"(Soybean and corn) prices in the futures market are easing a little but people are still cautious," said one Singapore-based grains trader. "I think the market wants more evidence of improved crop output before further reduction in prices."

Chicago Board of Trade most-active soybeans fell 0.5% to $13.41-3/4 a bushel at 0927 GMT, after falling 2.1% on Friday.

Corn fell 0.4% to $5.43 a bushel, wheat rose 1.4% to $7.14 a bushel.

Rains are forecast for some parts of U.S. Midwest, which could boost U.S. soybean and corn crops, traders said.

Traders await direction from the U.S. Department of Agriculture's weekly U.S. crop condition ratings on Monday, and from private estimates of U.S. corn and soy yields, ahead of the USDA's big Aug. 12 world supply/demand report.

Buoyed by strong demand, Brazilian farmers are poised to expand their soybean area for the 15th consecutive year, consultancy Datagro said.

The wheat market is being underpinned by lower global production outlook and strong demand, with new purchase tenders from big importers Egypt and Algeria closing on Monday.

An annual U.S. crop tour last week projected the average spring wheat yield in North Dakota to be at 29.1 bushels per acre this year, the lowest in tour records going back to 1993.

Russian agriculture consultancy IKAR lowered its wheat crop forecast for 2021 to 78.5 million tonnes from 81.5 million tonnes.

The International Grains Council cut its 2021/22 world wheat crop forecast by one million tonnes to 788 million tonnes, with the diminished outlook for North America only partially offset by improved prospects in the European Union. (Reporting by Naveen Thukral in Singapore and Michael Hogan in Hamburg; Editing by Amy Caren Daniel and Louise Heavens)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 2.42% 539.5 End-of-day quote.8.83%
CORN?FUTURES (SETTLEMENT ONLY) (ZC) - CBR (FLOOR)/C11 -0.48% 474.5 End-of-day quote.0.00%
MSCI SINGAPORE (GDTR) -0.56% 6617.99 Real-time Quote.12.38%
S&P GSCI CORN INDEX -0.42% 442.3116 Delayed Quote.8.83%
S&P GSCI SOY BEANS INDEX -0.25% 509.1805 Delayed Quote.-1.98%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 0.33% 337.2 End-of-day quote.-22.63%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -0.21% 722.25 End-of-day quote.13.00%
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