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Chicago Board Of Trade Soybean Extends Gains On US Crop Worries

By Donna Ahern
Chicago Board Of Trade Soybean Extends Gains On US Crop Worries

Chicago soybeans climbed during Asian trading on Thursday, extending gains from the previous session, as uncertainty about the size of the upcoming U.S. harvest and concerns over tight domestic supplies supported prices.

Corn and wheat were slightly lower ahead of the US weekly export sales report to be released later in the day.

The most-active soybean contract on the Chicago Board Of Trade (CBOT) Sv1 was up 0.5% at $13.29-3/4 a bushel, as of 0350 GMT.

Expected dry weather conditions early in the growing season would mean smaller soybean harvests this fall, according to the US government.

"From the data point of view, the supply of US soybeans in the new season has returned to a tense situation," Huatai Futures analysts in China said in a note.


"In late August, the US soybean-producing areas may experience high temperature and less rain again."

US Department of Agriculture

Traders are awaiting the US Department of Agriculture (USDA) weekly export sales data, with analysts expecting sales of zero to 400,000 metric tons for 2022-23 and 550,000 to 1.3 million metric tons for 2023-24.

Corn Cv1 lost 0.2% to $4.80-3/4 a bushel, retreating after Wednesday's gain though it remained above the 32-month low hit in the previous session.

The USDA is expected to report weekly corn export sales of zero to 250,000 metric tons for 2022-23 and 500,000 to 1 million metric tons for 2023-24, analysts said.


Wheat Wv1 shed 0.1% to $6.22-1/4 a bushel.

The USDA is expected to report weekly US wheat export sales of 200,000 to 525,000 metric tons for 2023-24, analysts said.

Regular air strikes by Russia on Ukrainian ports and grain silos since mid-July, when it pulled out of the UN -backed deal for Ukraine to export grain, have recently lent limited support so far to wheat prices.

Russian drone strikes damaged grain silos and warehouses at the Ukrainian river port of Reni on the Danube, a vital wartime route for Ukrainian food exports, senior officials said on Wednesday.

Read More: Corn, Soybeans Rise For Second Session On Short Covering; Wheat Falls

News by Reuters, edited by Donna Ahern, Checkout. For more supply chain news, click here. Click subscribe to sign up for the Checkout print edition.

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