SINGAPORE, Jan 4 (Reuters) - Chicago soybean futures kicked off 2021 with a bullish tone, climbing
SINGAPORE, Jan 4 (Reuters) – Chicago soybean futures kicked off 2021 with a bullish tone, climbing to their highest since June 2014 on Monday, as tightening South American provides and powerful Chinese language demand underpinned costs.
Corn gained extra floor to the touch its highest in 6-1/2 years, whereas wheat rose in early Asian commerce.
FUNDAMENTALS
* The Chicago Board of Commerce most-active soybean contract Sv1 added greater than 1% at 13.25-3/Four a bushel, as of 0148 GMT, after hitting $13.27 a bushel, earlier within the session, its highest since June 2014.
* Corn Cv1 added 1.2% to $4.89-3/Four a bushel and wheat Wv1 gained 0.6% to $6.44-1/Four a bushel.
* Wheat completed 2020 within the black for the fourth straight yr after touching a six-year excessive on Thursday and ending principally agency.
* Corn ended up 24.8% for the yr and soybean costs climbed 37.2% from a yr in the past. Wheat added 14.6%.
* Corn guided grains greater after Argentina’s agriculture ministry introduced that the nation would droop gross sales of corn for exports till Feb. 28 to make sure ample home meals provides.
* The transfer triggered extra shopping for in a futures market already on edge as a result of crop-threatening South American climate amid strong demand and tightening international corn and soybean provides.
* Argentina and southern Brazil are anticipated to stay sizzling and dry within the coming weeks, in keeping with meteorologists.
* Chinese language demand has additional supported costs because the nation rebuilds the world’s largest pig herd.
MARKETS NEWS
* Asian share markets hit pause on Monday as reviews of a attainable tightening in coronavirus emergency guidelines for Tokyo pulled Japanese shares off 30-year highs, whereas additionally lifting the safe-haven yen. MKTS/GLOB
DATA/EVENTS (GMT, Dec)
0145 China Caixin Mfg PMI Ultimate
0850 France Markit Mfg PMI
0855 Germany Markit/BME Mfg PMI
0900 EU Markit Mfg Ultimate PMI
0930 UK Markit/CIPS Mfg PMI Ultimate
1445 US Markit Mfg Ultimate PMI
(Reporting by Naveen Thukral; Enhancing by Shailesh Kuber)
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