Soybeans hit 10-day high on Chinese purchases

SYDNEY: US soybeans scaled a 10-day peak on Monday on Chinese purchases of North American supplies, although gains were capped by demand worries due to the coronavirus pandemic.

FUNDAMENTALS
The most active soybean futures on the Chicago Board Of Trade were up 0.5 per cent at $8.67 a bushel by 0040 GMT, near the session high of $8.71-1/2 bushel - the highest since March 13. Soybeans firmed 2.3 per cent on Friday.

The most active corn futures were down 0.7 per cent at $3.41-1/2 a bushel, having closed down 0.5 per cent in the previous session.


The most active wheat futures were up 0.7 per cent at $5.42-3/4 a bushel, having closed up 0.8 per cent on Friday.

The US Department of Agriculture said that unknown buyers booked deals for 110,000 tonnes of US soybeans. On Thursday, two trade sources with knowledge of the deal said that exporters sold soybeans to China.

The spread of the coronavirus in South America has stoked worries about shipments of soymeal.

US sales of corn to China confirmed. The 756,000-tonne corn sale, announced on Friday morning, was China's biggest purchase of US corn since July 2013.

MARKET NEWS
The dollar rose against major currencies on Monday as fresh declines in global stocks and worries about tightening liquidity amid the worsening coronavirus crisis accelerated the flight to cash.

Oil prices fell more than $1 a barrel at the start of the trading session on Sunday, as more governments ordered lockdowns to curb the spread of the global coronavirus pandemic that has slashed the demand outlook for crude.