U.S. soybeans recovered from last week’s one-month low by gaining 1 percent gain on Monday but gains were capped as worries of widespread crop losses eased.
Futures contracts for soybeans at the Chicago Board of Trade was trading up by 0.9 percent at $9.65 per bushel after the 0.4 percent loss on Friday’s close. Soybeans reached its lowest since June 30 at $.55 a bushel early on August. Soybeans had recently become pressured due to forecasts of favorable rains.
In other grains, corn went up 0.8 percent to $3.84 per bushel, near its highest since the first of August at $3.84 per bushel. On the last session corn went up 0.9 percent.
For wheat, prices gained 0.8 percent to trade at $4.58 per bushel after closing on Friday down 0.7 percent at $4.53 per bushel, its lowest since June 15.
On this coming Thursday, The U.S. Department of Agriculture will issue its monthly supply and demand report which will give an update on its prediction on corn yields along with first data from field surveys.
But the hot and arid summer’s effect in the Midwest region of the U.S. will most likely not appear in the government’s next projection of the U.S. corn crop as it usually makes miniscule adjustments to its harvest outlook in the month of August.
Russia’s IKAR increased its estimate for the wheat crop of Russia for 2017 from the 72-75 million tons to to 74-77 million tons.