Soybeans firm on Brazilian crop losses, wheat hits 2-week low
Chicago soybean futures edged higher on Wednesday, supported by crop losses in Brazil due to flooding. The most-active soybean contract on CBOT rose 0.3% to $11.82-1/2 a bushel. Wheat also firmed after hitting a two-week low earlier, up 0.2% at $6.59-1/4 a bushel. Corn prices eased slightly, down 0.1% to $4.42-1/4 a bushel. Brazil’s soybean losses from floods were estimated at 2.71 million metric tons, while Argentina saw a surge in soybean sales in May.
SINGAPORE, June 5 (Reuters) – Chicago soybean futures edged higher on Wednesday, with crop losses due to flooding in top exporter Brazil underpinning the market.
Wheat firmed after hitting its lowest in two weeks earlier in the day, while corn prices eased.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.3% to $11.82-1/2 a bushel, as of 0038 GMT. Wheat was up 0.2% at $6.59-1/4 a bushel, after hitting its lowest since May 20 at $6.56-3/4 a bushel earlier in the session.
* Corn lost 0.1% to $4.42-1/4 a bushel.
* Soybean losses related to recent floods in Brazil’s southernmost state of Rio Grande do Sul were estimated at 2.71 million metric tons, crop agency Emater said on Tuesday.
* Brazil, the world’s No. 1 soybean exporter, suffered heavy crop losses from floods ahead of the harvest.
* The country’s second corn crop is expected to hit 93.5 million metric tons in the 2023/24 season, consultancy StoneX said on Monday, lowering its forecast from the 97.3 million tons it had estimated in May.
* In Argentina, soybean sales nearly doubled in May from the previous month, the government said on Tuesday, due to drier conditions and improving international prices.
* A drought and intense heat in top U.S. corn importer Mexico could damage the country’s crop and stimulate demand for U.S. corn, traders said.
* Commodity funds were net sellers of CBOT wheat, soybean, soymeal, soyoil and corn futures contracts on Tuesday, traders said.
Source Link: https://www.livemint.com/news/soybeans-firm-on-brazilian-crop-losses-wheat-hits-2-week-low-11717549097889.html
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