Content ID


GRAINS-Soybeans fall on improved U.S. weather, higher S.American planting

* Rains in parched U.S. soybean, corn producing areas weigh

* Expectations of higher Brazil, Argentina planting adds pressure

* Corn, wheat prices weighed down by Ukrainian supplies (Recasts with change in market direction, adds quote in paragraphs 3-4)

By Naveen Thukral

SINGAPORE, Aug 22 (Reuters) - Chicago soybean futures lost ground on Monday, with forecasts of much-needed rains in parts of the U.S. Midwest and expectations of higher South American planting weighing on the market.

Corn and wheat dropped as more supplies from Ukraine entered the market.

"Unless China emerges as a major buyer over the near term, the market may find a difficult time moving higher," according to a Hightower report.

"With huge profitability, traders suspect South America will see a surge in production this year as acreage will expand."

The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 0.1% to $14.02-1/2 a bushel, as of 0321 GMT. Wheat gave up 0.2% to $7.69-1/2 a bushel while corn lost 0.4% to $6.20-1/2 a bushel.

A large portion of U.S. corn and soybean growing areas is dry, but showers are spreading across the upper Midwest, the U.S. Department of Agriculture said in a report. Any rain is beneficial for immature crops, including soybeans or late-planted corn.

An increase in Ukraine's exports is helping to push down global corn and wheat prices.

Grains are being loaded on an additional 10 cargo ships in Ukrainian Black Sea ports and prepared for shipment under a food export agreement brokered last month, Ukraine's Infrastructure Minister Oleksandr Kubrakov said.

Large speculators raised their net long position in Chicago Board of Trade corn futures in the week to Aug. 16, regulatory data released on Friday showed.

The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and cut net long position in soybeans. (Reporting by Naveen Thukral; Editing by Subhranshu Sahu and Rashmi Aich)

© Copyright Thomson Reuters 2022. Click For Restrictions -

Read more about

Talk in Marketing