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Soybeans, corn ease as traders eye U.S. weather

06/03/2021 | 01:21pm EDT

* Corn rises 1% as dry weather in parts of U.S. Midwest supports

* Global edible oil prices jump, U.S. soyoil hits 10-year high

CHICAGO, June 3 (Reuters) - Chicago soybean and corn futures eased on Thursday as traders monitored U.S. weather forecasts for hot, dry conditions that could threaten newly planted crops, though the impact remains uncertain, traders said.

Soybeans were underpinned by supply concerns that pushed world edible oil prices higher, with soybean oil hitting its highest in a decade.

The most-active soybean contract on the Chicago Board of Trade fell 14-1/4 cents to $15.48-1/4 per bushel as of 12:11 p.m. (1711 GMT), while new-crop November soybeans dipped 11-3/4 cents to $14.02.

CBOT's most-active corn was 19-1/4 cents lower at $6.55-3/4 per bushel, while new-crop December corn eased 12-1/4 cents to $5.60-1/4.

The most-active soybean oil futures contract was down 1.33 cents at 69.05 cents per lb., after hitting 72.13 cents, its highest since 2011.

CBOT wheat eased 16-1/2 cents to $6.71 per bushel.

Hot and dry weather in parts of the U.S. Midwest caused concern for newly planted corn and soybean crops, though it's too early to assess any damage.

"We’re drifting, looking for overall direction. We have a very well-rated corn crop and likely a very good bean crop, versus a little bit of a threatening forecast – warmer, dryer temperatures," said Ted Seifried, vice president of Zaner Group.

Slower soybean planting progress is also supporting the market, Seifried said, as analysts await the U.S. Department of Agriculture's June 30 acreage report.

"We’re not ripping in these beans quite as fast as we put in the corn," he said.

Global corn and soybean stocks are in focus as Brazil struggles with its worst water crisis in almost a century, impacting crops and river navigation in the world's largest exporter of commodities ranging from corn and soybeans to coffee and sugar.

"I think the reality of the tightness in the bean market has come back into play, and beans had a little catching up to do. I think they’re well supported," said Chuck Shelby, president of Risk Management Commodities.

Wheat followed corn lower, though dryness and above-average temperatures across the U.S. Plains offered support.

In Russia, Deputy Prime Minister Victoria Abramchenko told Reuters that the country's new formula-based grain export taxes would remain in place as long as there is increased global demand for food. (Reporting by Christopher Walljasper; additional reporting by Naveen Thukral; editing by Jonathan Oatis and Barbara Lewis)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 -3.06% 547.25 End-of-day quote.13.07%
CORN?FUTURES (SETTLEMENT ONLY) (ZC) - CBR (FLOOR)/C11 0.00%End-of-day quote.0.00%
LONDON BRENT OIL -0.26% 74.14 Delayed Quote.43.83%
S&P GSCI CORN INDEX -0.82% 448.0908 Delayed Quote.13.07%
S&P GSCI SOY BEANS INDEX -0.18% 535.4832 Delayed Quote.3.11%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -2.84% 352.9 End-of-day quote.-18.60%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.14% 73.7015 Delayed Quote.0.17%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -1.19% 684 End-of-day quote.6.79%
WTI -0.61% 71.841 Delayed Quote.48.80%
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