Soybeans up for fourth session
Corn ticks decrease, wheat corporations
CANBERRA, Aug 9 (Reuters) – U.S. soybean futures edged increased for a fourth consecutive session on Monday, as sturdy demand from China underpinned costs.
Corn edged decrease amid a broad commodity sell-off, whereas wheat rose resulting from issues about international provides.
Probably the most energetic soybean futures on the Chicago Board Of Commerce Sv1 have been down 0.2% at $13.39 a bushel by 0451 GMT, having firmed 0.6% on Friday.
“International demand, notably from China, is the first driver of costs,” mentioned Phin Ziebell, agribusiness economist, Nationwide Australia Financial institution.
Exporters final week reported a sale of 131,000 tonnes of soybeans to China, marking the second consecutive each day soybean gross sales discover, although weekly gross sales have been lighter than what is required to fulfill U.S. Division of Agriculture (USDA) export targets.
The latest uptick in gross sales to China comes after Beijing’s soybean imports fell in July from the identical interval the earlier yr, customs information confirmed on Saturday, as poor crushing margins weighed on demand.
Analysts additionally famous ongoing opposed climate in South America as supporting costs.
Probably the most energetic corn futures Cv1 have been down 0.2% at $5.55-1/Four a bushel, having gained 0.6% within the earlier session.
Corn was underpinned by dwindling prospects for the second crop in Brazil.
Probably the most energetic wheat futures Wv1 have been up 0.2% at $7.20-1/Four bushel, having closed up 0.9% on Friday.
U.S. and Canadian farmers anticipate sharply smaller spring wheat harvests from drought, whereas analysts have lowered Russian harvest estimates on disappointing yields and lowered planted areas.
Ukrainian farms have harvested 32.2 million tonnes of grain from 46% of its sowing space, with the yield averaging 4.35 tonnes per hectare, the agriculture ministry mentioned final week.
(Reporting by Colin Packham; Enhancing by Rashmi Aich)
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