Soybeans hit two-week high on U.S. export demand


CANBERRA, Dec. 6 (Reuters) – US soybean futures edged higher as strong demand for US supplies pushed prices to a two-week high.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade rose 0.2% to $ 12.70 a bushel at 02:21 GMT, near the session high of 12.74-3 / 4 the bushel, their highest since November 24. Soybeans closed 1.9% higher on Friday.

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* The most active wheat futures rose 0.8% to $ 8.09-3 / 4 a bushel, after closing 1.4% higher on Friday.

* The most active corn futures were unchanged at $ 5.84 a bushel, after closing 1.3% higher in the previous session.

* Private exporters sold 122,000 tonnes of US soybeans to unknown destinations for MY 2021-2022, the US Department of Agriculture said last week.

* Chinese soybean imports from the United States in 2021/2022 are expected to drop sharply from last season after loading delays following Hurricane Ida. Read more

* Russia plans to set its grain export quota at 14 million tonnes, including 9 million tonnes of wheat, from February 15 to June 30, Interfax news agency reported on Friday, citing a source familiar with the talks. .

* Global supply concerns have eased in recent days amid signs of a stabilizing US crop, and Australia’s leading commodity forecaster, ABARES, has revised its official estimate for the 2021/22 crop to a record 34.4 million tonnes.

MARKET NEWS

* Riskier currencies struggled to gain a foothold against the dollar, supported by uncertainty around the Omicron variant and the wait for warmer US inflation data to put upward pressure on interest rates.

* Oil prices have risen by more than $ 1 a barrel after the main exporter, Saudi Arabia, raised the prices of its crude sold to Asia and the United States, and the indirect U.S. talks. Iranians on relaunching a nuclear deal seemed to be at an impasse.

* Asian equity markets got off to a cautious start as Omicron appeared in more countries and investors had to wait a week for key US inflation figures that could set the course for interest rates. Read more

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Reporting by Colin Packham; Editing by Rashmi Aich

Our Standards: Thomson Reuters Trust Principles.

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