BEIJING- Chicago soybean and corn futures gained on Monday, recouping losses from the previous session, as dry weather in key exporter Argentina impacted crop growth and raised supply concerns.
The most-active soybean contract on the Chicago Board of Trade (CBOT) added 0.86 percent to $10 a bushel after dropping 2 percent on Friday.
Chicago corn gained 0.55 percent to $4.53-2/8, while wheat rose 0.52 percent to $5.32 a bushel.
A hot and dry austral summer is beginning to damage Argentina’s 2024-25 soybean and corn crops, the country’s two main grains exchanges said on Friday, after abundant spring rains provided excellent growing conditions until recently.
Argentina is the world’s largest exporter of soybean oil and meal, the third largest exporter of corn and a major wheat supplier.
However, analysts said expectations of a record soybean crop from number one grower Brazil capped the gains.
Kazakhstan exported 3.7 million metric tons of new-harvest grain from September to December, up 54 percent from the same period in 2023, the agriculture ministry said.
