Soybeans Rebound From Six-Week Low, Upbeat Global Supply Outlook Caps Gains
U.S. soybean futures edged higher on Monday, rebounding from a six-week low touched in the previous session, though gains were checked by expectations of ample global supplies.
The most active soybean futures were up 0.2% at $8.69-1/2 a bushel, having closed down 1.2% on Friday when prices hit a June 30 low of $8.66-3/4 a bushel.
The most active wheat futures on the Chicago Board Of Trade were up 0.2% at $4.96-1/4 a bushel, after closing down 1.1% on Friday when prices hit a July 7 low of $4.96 a bushel.
The most active corn futures were up 0.36% to $7.53-3/4, after ending 0.9% lower in the previous session.
The U.S. Department of Agriculture last week reported private sales of U.S. soybeans to China of 456,000 tonnes, the biggest single-day soy sale to the world's top buyer since June 11.
An estimate calling for a record Canadian wheat crop, rising forecasts for Russia's harvest, improving conditions in Australia and good early signs for the U.S. spring wheat harvest were underscoring ample global supplies.