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Soybeans ease after rally, South American supply concerns limit losses

Tue Mar 02 2021


Chicago soybean futures slid on Wednesday, after notching strong gains in the previous session, although worries about excessive rains in Brazil and dry weather in Argentina limited losses.


Wheat edged lower after Tuesday's biggest one-day gain in almost two weeks and corn slipped after closing more than 1% higher.


"There are harvesting issues in Brazil because of too much rain and we have dry weather in Argentina," said Pranav Bajoria, a director at Singapore-based brokerage Comglobal. "This is likely to tighten world supplies."


The most-active soybean contract on the Chicago Board Of Trade was down 0.2% at $14.10-1/4 a bushel, as of 0328 GMT, having firmed 1.5% on Tuesday.


Wheat fell 0.5% at $6.62-3/4 a bushel, having closed 2.5% higher in the previous session, the biggest single-day rise since Feb. 18. Corn dropped 0.9% to $5.40 a bushel, having gained 1.3% in the previous session.


In Brazil, the world's biggest bean exporter, soybean harvesting and corn planting are furthest behind schedule in south-central Mato Grosso, according to weather firm Maxar. Widespread rains in Mato Grosso over the next week should keep fieldwork behind the normal pace, the firm said.


Concerns over tightening wheat supplies are supporting prices.


Australian wheat production will fall 25% next season as farmers reduce acreage and yields drop after rains caused by La Nina ease, Australia's chief commodity forecaster said on Tuesday.


Australian wheat output is on course to hit a record 33.34 million tonnes this year after La Nina soaked the east coast.


The US Department of Agriculture's National Agricultural Statistics Service in a weekly crop report on Monday rated 37% of the Kansas winter wheat crop in good to excellent condition, down from 40% a week earlier.


Commodity funds were net buyers of CBOT wheat, corn, soybean, soyoil and soymeal futures contracts on Tuesday, traders said.


Source: Reuters


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