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Soybeans hit 2-week low as weather outlook brightens

07/25/2021 | 10:06pm EDT

CANBERRA, July 26 (Reuters) - U.S. soybean futures fell 1% to hit a two-week low on Monday as updated weather models called for more favourable weather in the coming weeks, easing concerns over crops.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were down 1.1% at $13.36-1/2 a bushel by 0146 GMT, near the session low of $13.35-1/4 a bushel. Soybeans fell 0.8% on Friday.

* The most active corn futures fell 0.7% to $5.39-1/2 a bushel, having closed down 3.3% in the previous session.

* The most active wheat futures were down 1% at $6.77-1/2 a bushel, having closed up 1.2% on Friday.

* Weather models indicate cooler weather across key U.S. growing regions, aiding soybeans and corn crops.

* China's soybean imports are set to slow sharply in late 2021 from a record first-half tally, confounding expectations for sustained growth from the top global buyer and denting market sentiment just as U.S. farmers look to sell their new crop.

* Russia's agriculture ministry said yields from the harvest of the country's wheat crop averaged 3.45 tonnes per hectare as of July 20, down from 3.47 tonnes a year earlier.

MARKET NEWS

* The U.S. dollar hovered near its strongest level since early April against the euro on Monday, as financial markets looked ahead to the Federal Open Market Committee (FOMC) meeting this week for clues on the timing of stimulus tapering.

* Oil prices edged higher on Friday and for the week after a strong recovery from Monday's steep slide, underpinned by expectations that supply will remain tight through the year.

* Asian shares struggled to rally on Monday as super-strong U.S. corporate earnings sucked funds out of emerging markets and into Wall Street, where records were falling almost daily. (Reporting by Colin Packham; Editing by Ramakrishnan M.)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CORN?FUTURES (SETTLEMENT ONLY) (ZC) - CBR (FLOOR)/C11 0.51% 498.5 End-of-day quote.0.00%
S&P GSCI SOY BEANS INDEX -0.06% 494.3915 Delayed Quote.-4.88%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -0.15% 326.7 End-of-day quote.-24.63%
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