Soybeans gained for a fourth day on concern dry weather conditions in Brazil, the world’s biggest exporter, may hurt crops that are still developing.
The contract for March delivery advanced as much as 0.5 percent to $12.9875 a bushel on the Chicago Board of Trade and was at $12.9775 by 1:26 p.m. in Singapore. Prices rose to $12.9975 yesterday, the highest since Jan. 21.
Rain will remain limited in much of Brazil in the next 10 days, MDA Information Systems LLC said in a report yesterday. While drier weather will allow early soybean harvesting to progress very well across northern regions, increasing dryness in central areas will boost stress on late-crop growth, it said.
“Brazilian harvest pressure is hanging over the oilseed market, however, the recent dry spell has raised some yield concerns for those crops which are still immature,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia wrote in a report today.
Brazil’s soybean harvest is 5.7 percent complete from 2.9 percent a week ago, Safras & Mercado said yesterday. The researcher predicts output will be a record 91.8 million tons.
Wheat for March delivery gained as much as 0.3 percent to $5.6525 a bushel and traded at $5.64. Prices climbed 1.4 percent yesterday at the close, the most since Jan. 23. Corn for delivery in March was little changed at $4.36 a bushel.
To contact the reporter on this story: Phoebe Sedgman in Melbourne at email@example.com
To contact the editor responsible for this story: James Poole at firstname.lastname@example.org