Home Financial Record Soybeans hover near record high as U.S. cuts supply outlook

Soybeans hover near record high as U.S. cuts supply outlook


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SINGAPORE — Chicago soybean futures gained ground on Monday as the market rose for five out of six sessions and traded near last week’s record high, supported by a US forecast for lower stocks.

Wheat jumped 1.5% as concerns over supplies from the Black Sea region supported prices, while corn rose after closing largely unchanged on Friday.


* The most active soybean contract on the Chicago Board of Trade (CBOT) added 0.1% to $17.47 a bushel by 0009 GMT, not far from Thursday’s high of $17.84 a bushel.

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* Wheat rose 1.5% to 10.86% a bushel and corn gained 0.7% to $7.78-1/2 a bushel.

* U.S. soybean stocks will be lower than expected as export demand for U.S. offers remains strong even with recently harvested supplies from Brazil and Argentina available for overseas buyers, the government said on Friday.

* The United States Department of Agriculture (USDA) lowered its outlook for 2021/22 soybean ending stocks to 205 million bushels from 235 million. For the 2022/23 marketing year, the soybean inventory estimate has been reduced from 310 million to 280 million.

*Maize ending stocks were set at 1.485 billion bushels for 2021/22 and 1.400 billion bushels for 2022/23, with the export outlook for the 2021/22 marketing year reduced by 50 million bushels at 2.450 billion bushels.

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* The agency forecast 2022/23 ending wheat stocks at 627 million bushels, up 6 million bushels from the previous month.

* Lack of grain supplies from war-torn Ukraine continued to support world wheat prices.

* The state of the soft wheat crop in France has deteriorated for a sixth consecutive week, according to data from the agricultural office FranceAgriMer, but a smaller drop in the last week suggested that rain and higher temperatures could curb the spring drought.

* An estimated 66% of the French soft wheat harvest was in good or excellent condition in the week to June 6, compared to 67% the previous week, FranceAgriMer said in a report on cereal harvests on Friday.

* Large speculators reduced their net long position in CBOT corn futures in the week to June 7, according to regulatory data released Friday.

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* The Commodity Futures Trading Commission’s Weekly Trader Commitments Report also showed that non-trading traders, a category that includes hedge funds, increased their net short position in CBOT wheat and reduced their net long position in wheat. soy.


* Global stock markets tumbled and the dollar strengthened on Friday after a bigger-than-expected spike in US inflation in May sparked fears the Federal Reserve could tighten policy for too long and cause a sharp slowdown .

DATA/EVENTS (GMT, April) 06:00 UK GDP East 3M/3M 06:00 UK GDP estimate MM, YY 06:00 UK manufacturing output MM (report by Naveen Thukral; editing by Rashmi Aich)



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