Chicago soybean and corn futures gained on Monday, recouping losses from the previous session, as dry weather in key exporter Argentina impacted crop growth and raised supply concerns.
The most-active soybean contract Sv1 on the Chicago Board of Trade (CBOT) added 0.86% to $10 a bushel by 0542 GMT after dropping 2% on Friday.
Chicago corn Cv1gained 0.55% to $4.53-2/8, while wheat Wv1 rose 0.52% to $5.32 a bushel.
Argentina Summer
A hot and dry austral summer is beginning to damage Argentina's 2024-25 soybean and corn crops, the country's two main grains exchanges said on Friday, after abundant spring rains provided excellent growing conditions until recently.
Argentina is the world's largest exporter of soybean oil and meal, the third largest exporter of corn and a major wheat supplier.
However, analysts said expectations of a record soybean crop from number one grower Brazil capped the gains.
The CBOT soybean March contract may retest support at $9.89-1/4 per bushel, following its failure to break resistance at $10.14-3/4, Reuters technical analyst Wang Tao said. TECH/C
Kazakhstan Output
Kazakhstan exported 3.7 million metric tons of new-harvest grain from September to December, up 54% from the same period in 2023, the agriculture ministry said in a statement.
Also, the Taiwan Flour Millers' Association has issued an international tender to purchase an estimated 114,650 metric tons of grade 1 milling wheat to be sourced from the United States, European traders said.
Elsewhere, convoys of farmers set off on Sunday to try to block roads around the French capital, Paris, in protest against what they say is unfair competition from overseas and excessive regulation.
