• Chicago soybean futures near two-week high on Chinese demand
  • Wheat rises after closing lower in last session, corn has not budged

SINGAPORE, December 6 (Reuters) – Chicago soybean futures were virtually unchanged on Monday, after peaking nearly two weeks earlier in the session with prices supported by expectations of strong demand for US supplies.

Wheat rose after closing lower on Friday, while corn was little changed.

“Chinese purchases are the key to soybean prices,” said a Singapore-based trader. “Prices are likely to be sustained if we see strong demand for US beans.”

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The most active soybean contract on the Chicago Board Of Trade (CBOT) rose a quarter of a cent to $ 12.67-1 / 2 a bushel at 4:02 a.m. GMT, near the session high of $ 12.75 the bushel, its highest since November 24.

Wheat added 0.5% to $ 8.07 -1 / 2 a bushel while corn was unchanged at $ 5.84 a bushel.

Private exporters have sold 122,000 tonnes of US soybeans to unknown destinations for the 2021-2022 marketing year, the US Department of Agriculture said last week.

However, Chinese soybean imports from the United States in 2021/2022 are expected to drop sharply from last season after loading delays following Hurricane Ida. Read more

Russia plans to set its grain export quota at 14 million tonnes, including nine million tonnes of wheat, from February 15 to June 30, the Interfax news agency reported on Friday, citing a source familiar with the talks.

China’s cereal production rose 2 percent from a year earlier to reach 682.9 million tonnes in 2021, the country’s statistics office said on Monday.

Maize production in 2021 was 272.6 million tonnes, the National Bureau of Statistics said in a statement posted on its website, and wheat production was 136.9 million tonnes.

Major speculators reduced their net long position in CBOT of Trade corn futures in the week to November 30, according to regulatory data released on Friday.

The Commodity Futures Trading Commission’s Weekly Trader Commitment Report also showed that non-trading traders, a category that includes hedge funds, increased their net short position in CBOT wheat and reduced their net long position in soybeans. .

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Reporting by Naveen Thukral; Editing by Rashmi Aich

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