SINGAPORE- Chicago soybean and corn futures gained ground on Monday, as short-covering and strong demand for US cargoes underpinned prices, with both markets recovering from several weeks of bleak performances.
Wheat prices climbed for a fourth consecutive session.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.4 percent at $12.18-1/4 a bushel, and corn gained 0.1 percent at $4.46 a bushel. Wheat rose 0.3 percent to $5.94-3/4 a bushel.
The US Department of Agriculture (USDA) on Friday confirmed private sales of 297,000 metric tons of US soybeans to China, the first soybean sales announcement under its daily reporting rules since Dec. 19 and the first to the world’s top buyer of the oilseed since Dec. 15.
A weekly USDA report showed US corn and wheat export sales for 2023-24 exceeded analysts’ estimates in the week ended Jan. 11.
US corn futures have dropped for the last six weeks and soybeans have declined for past five weeks amid expectations of ample supplies.
