SINGAPORE- Chicago soybeans were largely flat on Thursday, but hit their biggest monthly gain since February 2022, supported by strong US export demand and fears that dry weather is damaging the crop at a key stage of development.
Corn and wheat were on track to end August lower, with wheat set for its biggest monthly loss since last November amid plentiful supplies from top exporter Russia.
“The weather in the US will continue to move soybean markets in the coming month,” said Dennis Voznesenski, senior grains analyst at Rabobank.
“Harvest pressure in the northern hemisphere continues to weigh on global wheat markets. Russia’s strong wheat export pace in particular following last years record crop and now a large new crop will continue weighing on markets in the short term.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) was roughly unchanged at $13.86-1/4 a bushel and up around 4.1 percent this month.
