Chicago soybeans supported by China demand; corn near multi-month low

Business Recorder reported that Chicago soybean futures advanced slightly on Monday, buoyed by fresh Chinese purchases of American beans, though a quick harvest across the US Midwest kept the rise in check. By 0510 GMT, the most actively traded Chicago Board of Trade soybean contract had climbed 0.18 per cent, trading at $12.63-1/2 a bushel. Chinese demand has given the market a lift following China's renewed presence among US buyers.

On Friday, the USDA confirmed private export sales of 558,000 metric tons of soybeans to China, lifting confirmed sales to 1.358 million tons across three days. Dry weather in the Midwest has let growers harvest summer crops faster, with many giving soybeans priority over corn. Corn futures slipped 0.21 per cent to $4.73-1/4 a bushel, a fifth straight daily decline that keeps prices close to a two-month low.

Johnny Xiang of AgRadar Consulting said bullish corn sentiment faded after the USDA's October report projected a larger crop of 16.034 billion bushels. Wheat, meanwhile, gained 0.49 per cent to $6.63-3/4 a bushel after bouncing from a two-month low, although favourable forecasts for US winter wheat planting continued to weigh on the market.