SINGAPORE: Chicago soybeans bounced back on Monday, rising 1.1 percent as a a weaker dollar supported prices, although the rapidly advancing harvest of a record Brazilian crop kept a lid on the market.
Corn gained, snapping two sessions of losses, while wheat rose with technicals calling for higher prices. The dollar started the week on the back foot on Monday, after U.S. data showed a smaller-than-expected rise in wages in January that reinforced expectations the Federal Reserve will refrain from raising interest rates next month.
The Chicago Board of Trade most-active soybean contract climbed 1.1 percent to $10.38-1/4 a bushel by 0307 GMT, having fallen 1 percent on Friday. Corn advanced 0.7 percent to $3.67-3/4 a bushel and wheat rose 0.4 percent to $4.31-3/4 a bushel. Private analytics firm Informa Economics on Friday forecast the Brazil soybean harvest at 106.5 million tonnes, up from its previous estimate of 105 million. Brazilian analysts Safras & Mercado pegged the crop at 107.09 million tonnes.
Farmers in Brazil are already ahead of their typical harvest schedule and their progress is expected to curb demand for U.S. soybeans earlier than usual.
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