Soybeans gain hopes on demand as wheat falls further

By Naveen Thukral and Sybille de La Hamaide

SINGAPORE/PARIS, April 21 (Reuters) – Chicago soybean futures rose on Thursday, retaining gains made in recent sessions, as expectations of increased demand for U.S. supplies supported the market . Wheat lost more ground, while corn also retreated.

“Unlike grains, oilseed prices have risen significantly over the past two days,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. “Old and new crop soybean prices have reached new highs for the season. »

The most active Chicago Board of Trade (CBOT) soybean contract added 0.1% to $17.18-3/4 a bushel at 11:15 GMT. Wheat was down 0.6% at $10.90-1/2 a bushel and corn was down 0.3% at $8.07-1/4 a bushel. U.S. soybean export prices are competitive with Brazilian supplies for May shipments and cheaper than Brazil for June, July and August, StoneX Chief Commodity Economist Arlan Suderman wrote. in a customer note.

Brazil and the United States are the main exporters of soybeans in the world.

China’s imports of soybeans from the United States in March, meanwhile, fell from a year earlier, according to customs data released on Wednesday, as low margins dampened purchases. China, the world’s largest importer of soybeans, imported 3.37 million tonnes from the United States last month, up from 7.18 million a year earlier, according to data from the General Administration of Customs.

In corn, the market continues to monitor weather forecasts for the US Midwest and supply from the Southern Hemisphere. Argentina’s Rosario grain exchange on Thursday raised its forecast for the country’s 2021/22 soybean and maize crops, citing better-than-expected soybean yields and an adjustment to its estimate for maize planting acreage. Wheat futures prices fell, but the market is benefiting from underlying support from dry conditions on the US plains, which could affect winter wheat production.

The U.S. Department of Agriculture estimated Monday that 30% of U.S. winter wheat was in good to excellent condition, a 26-year low for this time of year. Ukrainian farmers have sown 2.5 million hectares of spring crops so far this year, or 20 percent of the planned area, the Agriculture Ministry said on Thursday, adding that the sowing area in places where there is intense conflict could decrease by 70%.

Commodity funds were net buyers of CBOT corn, soybean, soybean meal and soybean oil futures on Wednesday and net sellers of wheat futures, traders said.

Price at 11:15 GMT Last Change Pct Move Wheat CBOT 1090.50 -7.00 -0.64 Corn CBOT 807.25 -2.75 -0.34 Soybean CBOT 1718.75 1.75 0.10 Wheat Paris 406 .75 8.25 2.07 Maize Paris 334.25 3.25 0.98 Rapeseed Paris 1057.00 12.75 1.22 Crude oil WTI 102.85 0.66 0.65 Euro/dlr 1.0888 0, 00 0 .35 Most active contracts – Wheat, corn and soybeans US cents/bushel, Paris futures in euros per tonne (Reporting by Naveen Thukral and Sybille de La Hamaide; Editing by Shounak Dasgupta and David Goodman)

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Edward N. Arrington