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Soybeans firm after losses, U.S. Midwest weather in focus

06/15/2022 | 08:26pm EST

SINGAPORE, June 16 (Reuters) - Chicago soybean futures rose on Thursday with the market gaining for the first time in five sessions on bargain-buying, although forecasts of improved weather in parts of the U.S. Midwest kept a lid on prices.

Wheat gained ground after closing largely unchanged on Wednesday.

FUNDAMENTALS

* The most-active soybean contract of the Chicago Board of Trade (CBOT) climbed 0.5% to $17.02 a bushel, as of 0017 GMT. Wheat rose 0.8% to $10.58-1/2 a bushel and corn gained 0.3% at $7.76 a bushel.

* Corn and soybean traders were monitoring a hot spell in the Midwest, where the planting of both crops is nearly complete after a slow start due to cool, wet weather in April and May.

* For wheat, weather forecasts in the southern Plains hard red winter wheat belt called for "favourably dry" conditions, the Commodity Weather Group said.

* Russia on Wednesday said it has offered "safe passage" for Ukraine grain shipments from Black Sea ports but is not responsible for establishing the corridors and Turkey suggested that ships could be guided around sea mines.

* Ukrainian grain shipments have stalled since Russia's invasion and ports blockade, stoking global prices for grains, cooking oils, fuel and fertilizer.

* The United Nations is trying to broker a deal to resume Ukraine exports and Russian food and fertilizer exports, which Moscow says are harmed by sanctions.

* Egypt's imports of Russian wheat rose 84% in March-May from the same period last year, freight data showed, even though traders said there were some complications around payment and shipping.

* Egypt, one of the world's top wheat importers, has become heavily reliant on Russian and Ukrainian grain in recent years.

* Commodity funds were net buyers of CBOT soymeal futures contracts on Wednesday, net sellers of soybean, soyoil and wheat futures, and net even in corn, traders said.

MARKET NEWS

* Global stocks rallied and government bond yields and the dollar retreated from multi-year highs on Wednesday as investors cheered the Federal Reserve's decision to raise interest rates by three-fourths of a percentage point, the biggest increase since 1994.

DATA/EVENTS (GMT) 0130 Australia Employment May 0130 Australia Unemployment Rate May 1100 UK BOE Bank Rate June 1100 UK GB BOE QE Corp June 1230 US Housing Starts Number May 1230 US Initial Jobless Clm Weekly 1230 US Philly Fed Business Indx June (Reporting by Naveen Thukral; Editing by Rashmi Aich)


ę Reuters 2022
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