SINGAPORE/PARIS — Chicago soybean futures gained ground on
Monday, with record edible oil prices driving gains on tight supplies, though a
large US harvest kept a lid on the market.
Corn and wheat also edged higher.
“Vegetable oil prices continue to be a source of impetus for (soybean)
prices,” said Tobin Gorey, director of agricultural strategy at Commonwealth
Bank of Australia.
The most active soybean contract on the Chicago Board of Trade (CBOT)
rose 0.3% to $12.46-1/4 a bushel at 1105 GMT. Corn gained 0.2% to
$5.31-3/4 a bushel and wheat rose 0.5% to $7.38 a bushel.
Malaysian palm oil futures hit a record high of nearly 5,000 ringgit a tonne
on Friday and posted a weekly gain of 10.2%, lifted by a tight supply outlook.
The market was largely unchanged on Monday.
“Soybean prices are firm this Monday morning in pre-opening in the wake of
oil and vegoil prices. On Friday all products experienced profit-taking,
although the situation remains tight,” French consultancy Agritel said in a
Investors in agricultural markets are awaiting production forecasts from the
US Department of Agriculture (USDA) on Tuesday.
Favorable weather across the US Midwest is boosting harvesting of corn
and soybean crops.
Strong demand continues to support prices.
European Union wheat exports have surged in the early part of the 2021/22
season as strong importer demand, a falling euro and high Russian prices boost
Large speculators raised their net long position in CBOT corn futures in the
week to Oct. 5, regulatory data showed on Friday.
The Commodity Futures Trading Commission’s weekly commitments of traders
report also showed that non-commercial traders, a category that includes hedge
trimmed their net short position in CBOT wheat and switched to a net
short position in soybeans.
Prices at 1105 GMT
Last Change Pct End Ytd
Move 2020 Pct
CBOT wheat 738,00 4,00 0,54 640,50 15,22
CBOT corn 531,75 1,25 0,24 484,00 9,87
CBOT soy 1246,25 3,25 0,26 1311,00 -4,94
Paris wheat Dec 270,25 1,25 0,46 213,25 26,73
Paris maize Nov 251,00 1,00 0,40 200,00 25,50
Paris rape Nov 652,75 -14,75 -2,21 418,25 56,07
WTI crude oil 81,47 2,12 2,67 48,52 67,91
Euro/dlr 1,16 0,00 -0,03 1,2213 -5,31
Most active contracts – Wheat, corn and soy US cents/bushel, Paris
futures in euros per tonne
(Reporting by Naveen Thukral and Sybille de La Hamaide
Editing by Subhranshu Sahu and David Goodman