SINGAPORE- Chicago soybeans rose for a second session on Monday, while wheat ticked up after dropping to a three-month low in the last session, with easing COVID-19 restrictions in China triggering a broad-based gains in commodity and equity markets.
Corn slid for a fifth consecutive session.
“Demand, especially for soybeans, is likely to recover if China’s eases more restrictions,” said one Singapore-based trader. “Wheat has firmed today but overall we have record Russian supplies which are going to cap upside in prices.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) added 0.4 percent to $14.44-1/4 a bushel. Wheat climbed 0.6 percent to $7.65-3/4 a bushel and corn fell 0.1 percent to $6.45-3/4 a bushel.
Further easing of COVID-19 testing requirements and quarantine rules in some Chinese cities was met with a mix of relief and worry on Friday, as hundreds of millions await an expected shift in national virus policies after widespread social unrest.
