Chicago | Reuters — Chicago Board of Trade soybeans futures on Monday rose on technical trading ahead of a slew of key government crop reports, after the most-active contract Sv1 touched the lowest price since December of 2020, traders said.
Soy futures also saw a boost after the U.S. Department of Agriculture on Monday reported weekly export inspections showed U.S. soybeans in the latest week at 1,426,472 metric tons, far above trade expectations – but below the volume at the same time last year, traders said.
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Corn futures ended the day unchanged.
And wheat futures turned lower for a second straight session, pressured by a stronger dollar, which tends to make U.S. grains less attractive on the world market, and strong competition from global wheat suppliers, particularly Russia.
In the soybean and corn markets, much of the day was focused on market participants adjusting their positions ahead of a slew of government reports slated to be released on Thursday, said Don Roose, president of U.S. Commodities in West Des Moines, Iowa.
The data includes the U.S. Department of Agriculture’s (USDA) monthly supply and demand report; Brazil’s CONAB monthly corn & soy production estimates; and Statistics Canada’s grain stocks report.
“By far, the market’s focus on Thursday will be on the Brazilian crop numbers, and the world’s ending stocks on soybeans,” Roose said.
Traders said they would be closely watching for updates on South American corn crop production numbers.
The Chicago Board of Trade’s most active soybean contract Sv1 settled the day up 7-3/4 cents at $11.96-1/4 a bushel. Wheat Wv1 fell 9-1/2 cents to close at $5.90-1/4 a bushel while corn Cv1 settled the day unchanged at $4.42.3/4 a bushel.
—Additional reporting for Reuters by Michael Hogan in Hamburg and Naveen Thukral in Singapore.
