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SINGAPORE, Aug 22 (Reuters) – Chicago soybean futures ticked higher on Monday, supported by bargain-buying, although expectations of much-needed rains in parts of the U.S. Midwest limited gains.
Corn and wheat dropped as more supplies from Ukraine entered the market.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 rose 0.1% to $14.04-3/4 a bushel, as of 0023 GMT. Wheat Wv1 gave up 0.2% to $7.69-1/2 a bushel and corn Cv1 lost 0.6% to $6.19-1/4 a bushel.
* A large portion of U.S. corn and soybean growing areas is dry, but showers are spreading across the upper Midwest, the U.S. Department of Agriculture said in a report. Any rain is beneficial for immature crops, including soybeans or late-planted corn.
* An increase in Ukraine’s exports is helping to push down global corn and wheat prices.
* Grains are being loaded on an additional 10 cargo ships in Ukrainian Black Sea ports and prepared for shipment under a food export agreement brokered last month, Ukraine’s Infrastructure Minister Oleksandr Kubrakov said.
* Large speculators raised their net long position in Chicago Board of Trade corn futures in the week to Aug. 16, regulatory data released on Friday showed.
* The Commodity Futures Trading Commission’s weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and cut net long position in soybeans.
MARKET NEWS
* Asian shares got off to a rocky start on Monday while the dollar remained in demand amid concerns most major central banks are committed to raising interest rates no matter the risks to growth. MKTS/GLOB
DATA/EVENTS (GMT)
0115 China Loan Prime Rate 1Y, 5Y Aug
(Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
((naveen.thukral@thomsonreuters.com; +65-6870-3829; Reuters Messaging: naveen.thukral.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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