BEIJING, Dec 27 (Reuters) – Chicago soybeans and corn extended gains on Monday to hit multi-month highs, as unfavourable dryness and heat in South America stoked supply worries, while wheat inched lower after a six-session winning streak.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 rose 0.7% to $13.51 per bushel by 0145 GMT, extending gains to a ninth session and hitting its strongest level in more than four months.
* Corn Cv1 was up 0.6% at $6.09-1/2 a bushel, rising for a fourth straight session to scale its highest in nearly six months. Meanwhile, wheat Wv1 edged down by 0.1% to $8.14 a bushel.
* Russia’s United Grain Co (UGC) has set up a joint venture with Egypt’s Astra Ltd to supply Russian grain to the Egyptian market, according to a statement by the company.
* Russia has set out its grain export taxes for Dec. 29-Jan. 11, the agriculture ministry said on Friday. Russia, the world’s largest wheat exporter, launched its formula-based duty for grain exports from June as part of measures to stabilise domestic food inflation.
* Argentina’s 2021/22 wheat crop is expected at a record 21.5 million tonnes, the Buenos Aires Grains Exchange said in a report on Thursday, citing better-than-expected yields as its reason for increasing its previous 21 million tonne forecast.
* Rain is not expected to bring much relief to southern Brazil, the world’s top soybean exporter, and Argentina in the coming days, weather forecasters said.
* Commodity funds were net buyers of Chicago Board of Trade corn, soybean, soymeal and soyoil futures contracts on Thursday, traders said. Funds were seen as about net even in CBOT wheat. COMFUND/CBT
MARKET NEWS
* Oil prices were mixed on Monday, with Brent edging up while U.S. crude futures slipped after airlines called off thousands of flights in the United States over Christmas holidays amid surging COVID-19 infections. O/R
(Reporting by Emily Chow; Editing by Subhranshu Sahu)
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