Malaysian Palm Oil Council Russia's Post

GRAINS-Soybeans firm but improved U.S. weather caps gains; corn down

SINGAPORE, Aug 22 (Reuters) - Chicago soybean futures ticked higher on Monday, supported by bargain-buying, although expectations of much-needed rains in parts of the U.S. Midwest limited gains.

Corn and wheat dropped as more supplies from Ukraine entered the market.

FUNDAMENTALS
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 rose 0.1% to $14.04-3/4 a bushel, as of 0023 GMT. Wheat Wv1 gave up 0.2% to $7.69-1/2 a bushel and corn Cv1 lost 0.6% to $6.19-1/4 a bushel.

A large portion of U.S. corn and soybean growing areas is dry, but showers are spreading across the upper Midwest, the U.S. Department of Agriculture said in a report. Any rain is beneficial for immature crops, including soybeans or late-planted corn.

An increase in Ukraine's exports is helping to push down global corn and wheat prices.

Grains are being loaded on an additional 10 cargo ships in Ukrainian Black Sea ports and prepared for shipment under a food export agreement brokered last month, Ukraine's Infrastructure Minister Oleksandr Kubrakov said.

Large speculators raised their net long position in Chicago Board of Trade corn futures in the week to Aug. 16, regulatory data released on Friday showed.

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

MARKET NEWS
Asian shares got off to a rocky start on Monday while the dollar remained in demand amid concerns most major central banks are committed to raising interest rates no matter the risks to growth.
By: via Malaysian Palm Oil Council Russia