The soyabean market found support from bargain-hunters after prices on Friday dropped to their lowest level since June. Wheat futures rose due to strong global demand for US supplies as well as concerns about potential damage to the developing crop in the US Plains from forecasts for a turn to colder weather.
Corn futures edged higher as wet weather in key growing areas across the US Midwest threatened to delay the start of planting this week in places such as Illinois and Iowa. At 10:15 am CDT (1515 GMT), Chicago Board of Trade May soft red winter wheat futures were 12-3/4 cents higher at $7.11-3/4 a bushel. Prices rose through resistance at the 30-day moving average early in Monday’s session, the first time prices surpassed that benchmark since the US Agriculture Department’s bearish quarterly stocks report on March 28.
Hard red winter wheat futures at the Kansas City Board of Trade and MGEX spring wheat also posted strong gains. China bought 14 to 16 cargoes of US wheat on Thursday for delivery from June to December, the China National Grain and Oils Information Center, an official think tank, said on Monday.
CBOT May soyabeans were 13 cents higher at $13.74-3/4 a bushel. Traders noted some technical buyers entered the market when prices fell near the low end of their 20-day Bollinger range of $13.54-1/4 a bushel during the overnight session. CBOT May corn was 1-1/2 cents higher at $6.30-1/2 a bushel. Traders were adjusting to new, shorter trading hours at the Chicago Board of Trade on Monday. The exchange cut back its session to 17.5 hours from 21 after a move to expand the trading day in May 2012 hurt liquidity.