Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Soybeans near 4-1/2 year high of $12/bushel on supply concerns, strong demand

11/23/2020 | 12:02am EST

* Soybeans up for 7th session on dry South American weather

* Robust Chinese demand adds support to prices

* Corn climbs to 16-month high on strong demand

SINGAPORE, Nov 23 (Reuters) - Chicago soybean futures rose more than 1% on Monday, gaining for a seventh consecutive session as dry weather in key suppliers Brazil and Argentina stoked supply concerns.

Corn rose to its highest since July 2019, while wheat gained for a second straight session.

"Chinese buying has been really strong and we have dry weather issues in South America," said Phin Ziebell, an agribusiness economist at National Australia Bank.

The most-active soybean contract on the Chicago Board Of Trade (CBOT) rose 1.1% to $11.94-1/4 a bushel as of 0449 GMT, not far from the session high of $12.00 a bushel, the highest since June 2016.

Corn gained 1.5% at $4.34-1/2 a bushel, after climbing to its highest since July last year at $4.35 a bushel. Wheat rose 1% to $6.05-1/2 a bushel.

Chicago soybean futures forward curve shows prices have jumped for all contracts through to the middle of next year.

Argentine soy planting advanced sharply over the past week after rains in key drought-hit areas, the Buenos Aires Grains Exchange said on Thursday, though much of the country remained dry.

Strong demand for U.S. soybeans, led by the world's top importer China, is supporting prices.

Ukraine has harvested 60.3 million tonnes of grain from 14.6 million hectares, or 95% of the sown area, as of Nov. 19, economy ministry data showed on Friday.

Large speculators cut their net long position in CBOT corn futures in the week to Nov. 17, regulatory data released on Friday showed.

The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, switched to a net short position in CBOT wheat and cut their net long position in soybeans.

(Reporting by Naveen Thukral; Editing by Vinay Dwivedi)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 2.20% 511.5 End-of-day quote.3.41%
EURO / ARGENTINE PESO (EUR/ARS) 0.31% 105.4542 Delayed Quote.2.39%
EURO / BRAZILIAN REAL (EUR/BRL) -0.25% 6.6362 Delayed Quote.2.58%
NATIONAL AUSTRALIA BANK LIMITED 0.04% 24.13 End-of-day quote.6.77%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 1.99% 430 End-of-day quote.-2.95%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 1.75% 43.01 End-of-day quote.-2.45%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.51% 86.83 Delayed Quote.2.74%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 2.21% 648.5 End-of-day quote.-0.94%
Latest news "Economy & Forex"
05:55pBiden signs 'Buy American' order, pledges to renew U.S. manufacturing
RE
05:52pState Department says Biden to ensure U.S. technology does not support China's 'malign activities'
RE
05:52pTSODILO RESOURCES : Closes First Tranche of Private Placement Financing for Units
PU
05:52pUK to extend Universal Credit uplift while COVID-19 restrictions last - The Sun
RE
05:44pCitadel, Point72 to invest $2.75 bln in hedge fund Melvin Capital
RE
05:34pDenmark to compensate mink farmers with up to $3.1 billion after nationwide cull
RE
05:31pBiden is committed to making sure that chinese companies cannot misuse american data and to ensuring that u.s. technology does not support china’s "malign activities" -state dept spokesperson
RE
05:31pState dept says a comprehensive strategy and more systematic approach is needed on u.s.-china competition rather than "the piecemeal approach" of the past few years
RE
05:31pState dept says u.s. should hold china accountable for its "unfair and illegal practices" and make sure american technologies aren’t facilitating china’s military buildup or human rights abuses
RE
05:31pThe united states has to play a 'better defense' in the face of china's efforts to gain a technological advantage -state dept spokesperson
RE
Latest news "Economy & Forex"