SOYBEAN futures at the Chicago Board of Trade posted small gains on Monday, finding spillover support from a rally in soyoil.
- The United States Department of Agriculture reported weekly export shipments of 779,352 tonnes of soybeans, which was up 12 per cent from the previous week.
- Ideas that rising fertilizer costs will encourage more soybean plantings in the United States this spring put some pressure on values.
- Brazil’s soybean harvest was 82 per cent complete as of this past Thursday, running about five points off the year-ago pace, reported consultancy AgRural.
- Crude oil held in a narrow range, as energy markets watched for any developments on ceasefire negotiations in the Middle East.
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CORN futures were higher, as solid export demand and a softer tone in the U.S. dollar provided support.
- Weekly U.S. corn export inspections came in at just over two million tonnes, which was up by 24 per cent from the previous week.
- The need to keep some premiums in the market to encourage planting this spring was also supportive.
WHEAT futures were lower as traders adjusted positions after the long weekend and many global markets remained closed for Easter Monday.
- Forecasts calling for beneficial rain in some dry areas of the U.S. Plains over the next 10 days were bearish.
- Weekly U.S. wheat exports were down 13.5 per cent on the week at 334,106 tonnes.
