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Soybeans rise, hover near 1-1/2 wk low on easing LatAm supply woes

01/20/2021 | 11:06pm EST

* Soybeans firm after 3 days of losses, LatAm weather limits gains

* Broad-based gains in global markets support agricultural products

SINGAPORE, Jan 21 (Reuters) - Chicago soybeans snapped a three-session losing streak on Thursday, but gains were limited as rains across South America eased supply worries.

Wheat and corn prices gained ground with additional support from broad-based gains in world markets on hopes for more economic stimulus.

Asian stocks rose to new record highs, tracking U.S. markets as investors hoped for more economic stimulus from newly inaugurated U.S. President Joe Biden to offset damage wreaked by the COVID-19 pandemic.

The Chicago Board of Trade (CBOT) most-active soybean contract added 0.6% to $13.78 a bushel, as of 0337 GMT. The market dropped to its lowest since Jan. 8 at $13.52 a bushel on Wednesday.

Wheat rose 0.9% to $6.73-1/2 a bushel and corn gained 1.3% to $5.28-1/2 a bushel.

Soybeans could face increased volatility as markets look for direction before the South American harvest begins in force.

China's soybean imports from the United States rose by 52.8% in 2020 from a year earlier, customs data showed on Wednesday, though the stepped up buying likely fell short of what was needed to fulfil last year's trade deal between the countries. [nL1N2JV0KY

The world's top soybean buyer last year brought in 25.89 million tonnes of the oilseed from the U.S., its second-largest supplier, up from 16.94 million tonnes in 2019.

Argentine farmers have dramatically increased sales from the upcoming 2020/21 corn harvest, due to concern the government may yet again try to limit international sales.

The agriculture ministry has caused uncertainty by going back and forth in recent weeks on policies seeking to ensure ample food supplies by limiting international shipments of corn. Argentina is the world's No. 3 exporter of the grain.

Wheat was supported by impending Russian export taxes, though expected rainfall across the United States limited gains.

Commodity funds were net buyers of CBOT soyoil futures contracts on Wednesday and net sellers of soybean, corn, soymeal and wheat futures contracts, traders said. (Reporting by Naveen Thukral; Editing by Krishna Chandra Eluri and Rashmi Aich)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 0.99% 559.25 End-of-day quote.13.84%
EURO / ARGENTINE PESO (EUR/ARS) 0.52% 109.6903 Delayed Quote.5.83%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 0.54% 428.8 End-of-day quote.-2.60%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 3.74% 51.1 End-of-day quote.13.69%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.00% 89.66 Delayed Quote.6.39%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 2.18% 680.25 End-of-day quote.3.94%
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