SINGAPORE- Chicago soybean futures gained more ground on Monday, rising almost 2 percent and climbing to a more than one-week high as lower US planting and inventories raised concerns over supplies.
Corn firmed after dropping to a two-and-half-year low on larger US acreage, while wheat slid almost 1 percent.
“In its latest Prospective Plantings report, the USDA estimates soybean plantings will drop significantly while corn acreage will rise this year,” ING said in a note.
Given the price action, it is likely that money managers further boost net long positions in soybeans and reduce net long corn positions, it added.
The most-active soybean contract on the Chicago Board of Trade (CBOT) gained 1.8 percent at $13.67-3/4 a bushel, after hitting its highest since June 22 at $13.69 a bushel.
Corn rose 0.4 percent to $4.96-1/4 a bushel, after sliding to its weakest since January 2021 at $4.89 a bushel earlier on Monday while wheat lost 0.9 percent to $6.45 a bushel.
Soybean prices rallied more than 6 percent on Friday after the US Department of Agriculture (USDA) said US farmers planted 83.5 million acres of the oilseed, down 4 million acres from the government’s March forecast and below the lowest in a range of analyst estimates. – Reuters
