Soybean futures overcame earlier weakness to end with gains on Monday, while both wheat and corn finished higher as well.
Trade data showing China imported record amounts of soybeans in August – although none from the US – initially weighed on the soybean market in early trading. However, positioning ahead of Friday’s monthly supply-demand update helped pull the market to eventual gains, as did a weaker American dollar. November beans gained 6 ¾ cents to $10.33 ¾, and January added 7 ¼ cents to $10.52 ¾.
Corn drew support from the weaker American dollar. Ideas that this week’s supply-demand report could trim the average estimated US corn yield from August also supported, although the crop is still expected to remain large. December corn was up 3 ¾ cents to $4.21 ¾, and March was 3 cents higher at $4.39 ½.
Greenback weakness underpinned wheat. December Chicago wheat gained 4 ½ cents to $5.23 ¾, and December Kansas City was 12 cents higher at $5.17 ¼. December Hard Red Spring added 5 ¾ cents to $5.26 ¾, and December Minneapolis was up 10 ¾ cents at $5.76 ¾.
