By Naveen Thukral
SINGAPORE, Aug 23 (Reuters) – Chicago soybean futures rose greater than 1% on Monday, bouncing again after 4 straight periods of falls to a close to two-month low, though beneficial properties have been curbed by expectations of improved crop climate in the US and issues about demand.
Corn and wheat futures edged greater.
“It’s up and down relying on the U.S. climate and as of now, we’re extra bearish on costs as a result of manufacturing outlook,” mentioned one Singapore-based dealer. “Demand destruction can also be a difficulty.”
Probably the most-active soybean contract on the Chicago Board Of Commerce (CBOT) Sv1 climbed 1.1% to $13.04-1/2 a bushel by 0349 GMT, having closed down 2.2% on Friday when costs hit a June 28 low.
Corn Cv1 gained 0.4% to $5.39 a bushel and wheat Wv1 rose 0.7% to $7.33 a bushel.
Useful rains this weekend within the Dakotas and surrounding U.S. crop areas support crops which have struggled with months of dryness.
The Professional Farmer Midwest Crop Tour final week projected that U.S. farmers would harvest a corn crop of 15.116 billion bushels and a soybean crop of 4.436 billion bushels, each bigger than the U.S. Division of Agriculture’s newest estimates.
Worries about demand are protecting a lid on soybean costs.
The U.S. Environmental Safety Company is predicted to advocate to the White Home lowering federal biofuel mixing mandates for 2021 to under 2020 ranges, two sources conversant in the matter mentioned on Friday, in what could be a blow to the biofuels trade.
Giant speculators raised their internet lengthy place in CBOT corn futures within the week to Aug. 17, regulatory knowledge launched on Friday confirmed.
The Commodity Futures Buying and selling Fee’s weekly commitments of merchants report additionally confirmed that noncommercial merchants, a class that features hedge funds, trimmed their internet brief place in CBOT wheat and internet lengthy place in soybeans.
(Reporting by Naveen Thukral; Modifying by Subhranshu Sahu)
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