Soybeans, corn edge higher, but U.S. Midwest weather limits gains


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SINGAPORE — Chicago soybean and corn futures on Monday recouped some of last week’s deep losses, although gains were limited as forecasts of wet weather in key growing areas of the U.S. Midwest lifted prospects of higher supplies.

Wheat gained ground in early Asian trade.

FUNDAMENTALS

* The most-active Chicago Board of Trade (CBOT) soybean contract was up 0.5% at $12.76-1/2 a bushel, as of 0021 GMT, and corn gained 0.7% to $5.23 a bushel.

* Wheat rose 0.4% to $6.43-1/4 a bushel.

* Corn and soybean futures tumbled last week after the U.S. Supreme Court made it easier for small oil refineries to win exemptions from a federal law requiring increasing levels of ethanol and other renewable fuels to be blended into their products, a major setback for biofuel producers.

* Russia, the world’s largest wheat exporter, started harvesting its 2021 grain crop on Wednesday with bright prospects for another year of large production.

* Large speculators cut their net long position in CBOT corn futures in the week to June 22, regulatory data released on Friday showed.

* The Commodity Futures Trading Commission’s weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and cut their net long position in soybeans.

MARKET NEWS

* Wall Street notched broad gains on Friday, with the S&P 500 index closing at a record and global shares also finished at an all-time high, while oil prices rose for a fifth straight week.

DATA/EVENTS (GMT) No major data/events expected on Monday (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)



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