Soybeans near 4-week top as hot weather threatens U.S. crop

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SINGAPORE — Chicago soybean futures rose

for a seventh consecutive session on Monday to trade near

previous week’s highest level since late-June, with forecast of

hot and dry weather in parts of the U.S. Midwest raising

concerns over supplies.

Wheat rose recouped previous session’s losses to edge 1.3%

higher, while corn prices were largely flat.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of

Trade (CBOT) was up 0.5% at $14.76-1/4 a bushel, as of

0031 GMT, not far from Friday’s four-week high of $14.89 a

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bushel.

* Wheat added 1.3% to $8.18-1/4 a bushel and corn

eased half a cent to $6.19-1/2 a bushel.

* Despite recent rains and below-normal temperatures across

parts of the U.S. Midwest, forecasts are pointing to hot and dry

weather in early August, raising concerns for soybean crops

during their crucial pod development, as well as for

late-planted corn still pollinating.

* U.S. exporters reported the sale of 132,000 tonnes of

soybeans for delivery to unknown destinations during the

2022/2023 marketing year, the U.S. Department of Agriculture

reported on Friday.

* The condition of France’s maize crop deteriorated sharply

for a second consecutive week, data from farm office

FranceAgriMer showed, in a sign that dry weather in the European

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Union’s biggest grain maize producer is taking a tolls.

* An estimated 68% of the grain maize crop was in good or

excellent condition in the week ended July 25, down from 75% the

previous week, 83% in the week ended July 11 and 84% in the week

to July 4, FranceAgriMer said in a cereal report.

* The wheat market is focussed on Ukraine’s grain exports

through the Black Sea.

* Ukraine’s president visited a Black Sea port on Friday to

show his country is ready to start exporting grain under a

U.N.-brokered deal aimed at easing global food shortages, and

said Kyiv was awaiting the signal for the first shipment.

* On a rare trip out of Kyiv since Russia’s Feb. 24

invasion, President Volodymyr Zelenskiy denounced a Russian

Black Sea blockade that has prevented Ukraine from exporting

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grain, contributing to a sharp rise in global grain prices.

* China’s securities regulator has approved trading of

soybean and soyoil options on the Dalian Commodity Exchange, it

said on Friday.

* Commodity funds were net buyers of CBOT soybeans, soyoil,

corn and soymeal futures contracts on Friday and net sellers of

CBOT wheat futures contracts, traders said.

MARKETS NEWS

* U.S. stocks extended their mid-summer rebound on Friday,

with the dollar and some longer-term Treasury yields dipping, as

Wall Street cheered positive corporate news in spite of

increased labor costs and other indicators of continued

inflation.

DATA/EVENTS (GMT)

0030 Japan JaibunBK Mfg PMI Final SA July

0145 China Caixin Mfg PMI Final July

0500 India S&P Global Mfg PMI July

0750 France S&P Global Mfg PMI July

0755 Germany S&P Global/BME Mfg PMI July

0800 EU S&P Global Mfg Final PMI July

0830 UK S&P GLBL/CIPS Mfg PMI July

0900 EU Unemployment Rate June

1345 US S&P Global Mfg PMI Final July

1400 US ISM Manufacturing PMI July

(Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)