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Business News/ News / Soybeans climb to 6-week high, wheat falls after rally

Soybeans climb to 6-week high, wheat falls after rally

GLOBAL-GRAINS/:GRAINS-Soybeans climb to 6-week high, wheat falls after rally

Soybeans climb to 6-week high, wheat falls after rallyPremium
Soybeans climb to 6-week high, wheat falls after rally

SINGAPORE, May 6 (Reuters) - Chicago soybean futures jumped to their highest since late March on Monday, as flooding in Brazil's key producing state is threatening to curb supplies from the world's No. 1 exporter.

Wheat prices slid more than 1%, giving up some of the recent gains which were triggered by dry weather in top exporter Russia, while corn fell for the first time in four sessions.


* The most-active soybean contract on the Chicago Board of Trade (CBOT) added 0.2% to $12.16-3/4 a bushel, as of 0010 GMT, after climbing to its highest since March 21 at $12.19 a bushel earlier in the session.

* Wheat fell 1.5% to $6.13-1/4 a bushel and corn lost 0.8% to $4.56-3/4 a bushel.

* The outlook for the soybean harvest in Rio Grande do Sul, which was on track to become the second largest producer in Brazil behind Mato Grosso state, is deteriorating swiftly after torrential rains flooded fields, with about a quarter of beans to be reaped.

* The state is Brazil's sixth-largest corn producer.

* In Argentina, corn stunt disease spread by leaf-cutter insects and adverse weather prompted the Buenos Aires grains exchange to slash its estimate for Argentina's 2023/24 corn harvest by 3 millions metric tons to 46.5 million tons.

* Worries of crop losses in Russia has been driving gains in wheat market over the past few weeks with CBOT wheat up 8% in April.

* Russia's IKAR agricultural consultancy has cut its forecasts for Russia's wheat crop to 91 million tons from 93 million tons and wheat exports to 50.5 million tons from 52 million tons, it said on Friday.

* Large speculators trimmed their net short position in Chicago Board of Trade corn futures in the week to April 30, regulatory data released on Friday showed.

* The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and trimmed their net short position in soybeans.


* A gauge of global stocks rallied while Treasury yields fell on Friday after a U.S. payrolls report was softer than anticipated, easing concerns the Federal Reserve would keep interest rates higher for longer.

DATA/EVENTS (GMT) 0830 UK S&P Global PMI: Composite - Output April 0830 UK Reserve Assets Total April 0900 EU Unemployment Rate March 1230 US Non-Farm Payrolls April 1230 US Employment Rate April 1345 US S&P Global Comp, Svcs Final PMI April 1400 US ISM N-Mfg PMI April (Reporting by Naveen Thukral; Editing by Rashmi Aich)

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Published: 06 May 2024, 06:12 AM IST
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