SINGAPORE, June 29 (Reuters) – Chicago soybean futures rose for a second straight session on Tuesday to a one-week excessive, as forecasts for warmth within the western U.S. Midwest raised issues over potential yield losses.
Wheat and corn additionally gained.
FUNDAMENTALS
* Essentially the most-active soybean contract on the Chicago Board of Commerce (CBOT) Sv1 rose 0.3% to $13.16-1/Four a bushel by 0039 GMT, after climbing to its highest degree since June 22 at $13.26 a bushel earlier within the session.
* Wheat Wv1 added 0.4% at $6.53-3/Four a bushel and corn Cv1 rose 0.1% to $5.47-3/Four a bushel.
* Regardless that rains over the weekend had been heavy in some areas of the U.S. Midwest, different spots acquired simply sufficient to guard the crop for a brief period of time. Forecasts for decent climate subsequent week are supporting costs.
* Merchants are awaiting key U.S. acreage and shares knowledge due on Wednesday from the U.S. Division of Agriculture.
* Russian wheat export costs had been largely unchanged final week, supported by a brand new floating obligation in Russia and enhancing crop forecasts forward of the beginning of the brand new advertising season, analysts stated on Monday.
* Egypt’s state grains purchaser, the Basic Authority for Provide Commodities, stated on Monday it had purchased 180,000 tonnes of Romanian wheat in a world tender.
* Consultancy Strategie Grains has raised its forecast for this yr’s European Union rapeseed harvest whereas trimming demand expectations, projecting lowered provide tightness subsequent season.
* Commodity funds had been web consumers of CBOT corn, soybean, wheat, soymeal and soyoil futures contracts on Monday, merchants stated. COMFUND/CBT
MARKET NEWS
* International fairness markets reached new highs for the second straight session, boosted by U.S. equities, whereas Treasury bond yields eased and the greenback was little modified as traders awaited jobs knowledge that might sway Federal Reserve financial coverage. MKTS/GLOB
DATA/EVENTS (GMT, June)
0600 UK Nationwide Home value MM, YY
0900 EU Shopper Confid. Remaining
1200 Germany CPI, HICP Prelim YY
1400 US Shopper Confidence
(Reporting by Naveen Thukral; Modifying by Amy Caren Daniel)
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