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Supply Chain

Soybeans Firm, Corn Flat With Crop Weather In Focus

Chicago soybean edged up on Monday and corn was flat as the market assessed chances for more beneficial rain in the Midwest this week, while awaiting results from a grain industry field tour.

Wheat also ticked higher, recovering further from a six-month low struck last week.

Crude oil steadied after an earlier slide also lent support to grain markets, although a firm dollar and continuing shipments from Ukraine under a wartime agreement helped limit gains.

Most-Active Soybean Contract

The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.5% at $14.11-1/4 a bushel by 1058 GMT, while CBOT corn  was unchanged on the day at $6.23-1/4 a bushel.

"Weather continues to drive the corn and soybean market," consultancy Agritel said.

After some beneficial showers in recent days, traders are monitoring forecasts to see if a dry start to this week is followed by rain in parched western zones of the US Midwest.

Cautious Markets 

Grain markets were cautious ahead of weekly US Department of Agriculture crop ratings due after Monday's market close, and yield projections this week from the widely followed Pro Farmer tour of corn and soy fields.

CBOT wheat was up 0.2% at $7.72-1/4 a bushel.

A steady flow of grain vessels from Ukraine under a safe-passage agreement, along with falling prices for what is expected to be a record Russian wheat harvest, was keeping a lid on wheat and corn prices.

However, trader talk about renewed interest from China in imported wheat after last week's price fall and uncertainty over upcoming planting in Ukraine helped underpin futures.

A third of Ukrainian farmers will refuse 2022/23 winter grain sowing because of a lack of funds, a deputy chair of the Ukrainian Agrarian Council said on Monday.

Read More: China's July Soybean Imports Slide Amid Poor Crush Margins, Weaker Demand

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

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