(Reuters) – U.S. soybean futures firmed for a third session to hit a fresh five-month high as unfavorable weather in Brazil and Argentina sparked fears of a potential shortage in oilseed stocks.
FUNDAMENTALS
Chicago Board Of Trade March soybeans rose 0.2 percent to $13.74 a bushel, having firmed 0.9 percent on Friday.
Front-month beans hit a high of $13.72-1/4 a bushel, the highest since September 2013.
March corn fell 0.3 percent to $4.51-3/4 a bushel, having slid 0.6 percent in the previous session.
March wheat fell 0.3 percent to $6.08 a bushel, having closed down 1.1 percent on Friday.
Dry weather in Malaysia has trimmed palm oil yields in the world’s No. 2 producer, sending futures to their strongest weekly gains in four months.
Argentina’s Agriculture Ministry trimmed its soybean crop forecast on Thursday due to drought and warned on Friday that recent heavy rains had created poor growing conditions in some areas.
The U.S. Department of Agriculture reported net corn exports last week just under 700,000 tonnes, the first time in a month that sales were below 1 million tonnes.
USDA also forecast a near-record-large corn crop this summer and a bumper soybean crop.
MARKET NEWS
The euro held steady against the dollar on Monday, retaining its gains made late last week as political unrest in Ukraine showed signs of settling down for the time being.
