Soybeans rally as US crop tour begins

Reuters

Soybeans rally as US crop tour begins

2024 8월 19, 오후 5:08 GMT

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Pro Farmer crop tour begins on Monday

Soybeans, corn recover from four-year lows of the previous week

Dry weather forecast for the central U.S. adds support

Rewrites throughout; updates prices, analyst quotes, byline; changes dateline from PARIS/CANBERRA; adds bullets

By Renee Hickman

CHICAGO, Aug 19 (Reuters) -Chicago soybean futures rallied on Monday, recovering from nearly four-years lows as traders waited to see if a major field tour this week will support expectations of bumper U.S. yields.

The most-active soybean contract Sv1 on the Chicago Board of Trade (CBOT) was up 13 cents at $9.70 a bushel by 1132 A.M. CDT (1632 GMT) after reaching lows not seen since September 2020 on Friday.

CBOT corn Cv1 was up 6-1/2 cents at $3.99 a bushel after reaching its weakest point since October 2020 Friday.

The most active wheat contract Wv1 on CBOT was down 1/2 cent at $5.52 a bushel.

Corn and soybeans have been pressured by forecasts for massive U.S. yields after generally favorable growing weather this year, selling by farmers faced with large stockpiles, and tepid demand from China.

But, the start of the widely followed Pro Farmer crop tour in the U.S. Midwest on Monday encouraged prices to consolidate, analysts said.

"So far we're seeing reports in the field not showing anything new to suggest that the crop's bigger than what's already been priced into the market," said Arlan Suderman, chief commodities economist at StoneX.

Traders also monitored Midwest weather as corn and soybeans enter their final growth stages, with forecasts showing a dry spell in the week ahead after widespread rains last week, according to analysts.

"I think we're trying to put some weather premium into the U.S. markets here thanks to the drier forecast that we found late Friday," said Mike Zuzolo, president of Global Commodity Analytics and Consulting.

Tempering concerns about weak Chinese demand for now, the U.S. Department of Agriculture (USDA) also reported on Monday private sales of 332,000 metric tons of U.S. soybeans to China and 110,000 tons to undisclosed destinations for shipment in the 2024/25 marketing year.

Reporting by Renee Hickman in Chicago, Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; editing by Barbara Lewis

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