Soybean prices rose to a six-month high on drought in Argentina and US export hopes

Written by Christopher Walgasper

ChicagoAnd the United States of AmericaDec.27 – Chicago soybean futures rose to a six-month high on Tuesday, supported by an ongoing drought in Argentina, the largest exporter of soybeans.

The US Department of Agriculture said corn is on track after US exporters reported selling 177,500 tons of corn per day to Japan.

* Wheat traded nearly flat even after rising earlier in the session as farmers tried to assess damage to winter crops on the US Great Plains.

* Chicago’s most active soybean contract added 5.75 cents to $14.9025 a bushel at 1651. GMTafter it reached $15.2275, its highest level since June 23.

– The most active wheat contract fell by 1.25 cents at $7.7475 a bushel, while corn rose 5.50 cents at $6.7175 a bushel.

– Soybean futures rose after expected weekend rains in Argentina spared much of the thirsty growth region, analysts said.

* “The weather forecast in Argentina this past weekend was mostly a miss. Tom Fritz, commodity broker at Tom Fritz, said: EGF a group.

* Soybeans also found support as China continues to lift lockdown measures, announcing plans to begin issuing visas next week, even as coronavirus infections mount. Corona virus diseaseThe -19 is likely to slow any increase in soybean demand.

* Wheat remains buoyed by concerns that cold temperatures will damage crops, especially on parts of the American plains that lack an insulating blanket of snow on dormant winter wheat crops.