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Soybeans Rebound From Six-Week Low, Upbeat Global Supply Outlook Caps Gains

Published on Aug 10 2020 9:39 AM in Supply Chain tagged: Wheat / Commodities / soybean / USA

Soybeans Rebound From Six-Week Low, Upbeat Global Supply Outlook Caps Gains

U.S. soybean futures edged higher on Monday, rebounding from a six-week low touched in the previous session, though gains were checked by expectations of ample global supplies.

The most active soybean futures were up 0.2% at $8.69-1/2 a bushel, having closed down 1.2% on Friday when prices hit a June 30 low of $8.66-3/4 a bushel.

The most active wheat futures on the Chicago Board Of Trade were up 0.2% at $4.96-1/4 a bushel, after closing down 1.1% on Friday when prices hit a July 7 low of $4.96 a bushel.

The most active corn futures were up 0.36% to $7.53-3/4, after ending 0.9% lower in the previous session.

The U.S. Department of Agriculture last week reported private sales of U.S. soybeans to China of 456,000 tonnes, the biggest single-day soy sale to the world's top buyer since June 11.

An estimate calling for a record Canadian wheat crop, rising forecasts for Russia's harvest, improving conditions in Australia and good early signs for the U.S. spring wheat harvest were underscoring ample global supplies.

News by Reuters, additional reporting by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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