(Reuters) – U.S. wheat lost more ground on Monday, falling for a third straight session on easing concerns over Russian supplies while soybeans jumped to a two-week high as floods in Malaysia threatened to curb palm oil supplies.
FUNDAMENTALS
* Russian grain exports have picked up again after the decision to impose official export duties reduced the informal curbs that had all but stopped sales abroad, SovEcon agriculture consultancy said on Saturday.
* Russia, the world’s fourth largest wheat exporter, introduced informal grain export controls last week to try and cool domestic wheat prices as exports hit record levels thanks to the slump in the rouble.
* Russia said it had introduced grain export duties of no less than 35 euros per tonne, starting from Feb. 1 to stabilise domestic prices.
* Frigid temperatures are forecast in parts of the U.S. Plains this week, but snowfall expected ahead of the cold should protect the region’s dormant hard red winter wheat crop against major damage, agricultural meteorologists said.
* Commodity funds bought a net 5,000 soybean contracts, 4,000 corn contracts and sold an estimated 1,000 wheat contracts, traders said.
* Soybeans rose as severe flooding in Malaysia is likely to disrupt production of palm oil. The oils can be substituted for one another.
MARKET NEWS
* Asian stocks tip-toed higher on Monday, following fresh gains on Wall Street, while the euro wallowed near 28-month lows versus the dollar on nervousness ahead of a vote in the Greek parliament that could result in snap elections.
