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


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SINGAPORE — 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) rose 0.1% to $14.04-3/4 a bushel, as of 0023 GMT. Wheat gave up 0.2% to $7.69-1/2 a bushel and corn 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.

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* 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.

DATA/EVENTS (GMT) 0115 China Loan Prime Rate 1Y, 5Y Aug (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)



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