SINGAPORE- Chicago soybean futures gained more ground on Monday as strong Chinese demand and concerns over US supplies underpinned the market.
Wheat slid as easing concerns about global export supplies weighed on prices.
“It is big China demand which is a key factor for the soybean market,” said Phin Ziebell, an agribusiness economist at National Australia Bank in Melbourne.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.3 percent at $12.90-1/2 a bushel.
Wheat lost 0.2 percent to $6.87-1/2 a bushel, while corn added 0.1 percent to $5.17-3/4 a bushel.
Soybeans are being buoyed by sales notice of 132,000 tons of US soybeans to China for 2021/22 delivery.
The US Department of Agriculture’s monthly supply and demand report increased US corn and soybean production, though much of the agency’s findings were already accounted for by recent sell-offs, traders said.
