By Reuters Staff
3 Min Read
SINGAPORE, March 8 (Reuters) - Chicago soybean futures gained more than 2% on Monday, climbing to their highest in almost seven years, as dry weather in key supplier Argentina buoyed the market.
There was additional support from broad-based gains in world markets.
Corn and wheat futures rose for a second consecutive session.
FUNDAMENTALS The Chicago Board of Trade (CBOT) most-active soybean contract hit its highest since June 2014 at $14.60 a bushel. The market was up 2% at $14.58-3/4 a bushel, as of 0156 GMT. Corn added 1.9% to $5.56 a bushel, while wheat rose 0.9% to $6.59 a bushel. Concerns increased over crops in Argentina, the world’s top soymeal exporter, as Commodity Weather Group said a rain deficit was seen “leading to severe yield loss” for 30% of the soy belt in the coming 10 days.
By Naveen Thukral Soybeans jump to 7-year top, corn rises 1.7%, wheat gains 0.8% Rains in Brazil, dry weather in Argentina support CBOT futures (Adds quote in paragraph 4, technicals)
SINGAPORE, March 8 (Reuters) - Chicago soybean futures climbed on Monday to their highest in almost seven years as dry weather in Argentina and excessive rains in Brazil stoked supply concerns, while broad-based gains in world markets on U.S. stimulus also buoyed sentiment.
Corn and wheat futures rose for a second consecutive session.
“Brazil’s soybean harvest is being dogged, and a little depleted, by wet weather,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia in Sydney. “Argentina’s hot, dry weather outlook is threatening soybean crops.”
China s growth gives impetus to global economy By Zhao Ping | China Daily | Updated: 2021-03-08 09:40 [Cai Meng/China Daily]
Owing to the effects of the COVID-19 pandemic, 2020 was an uneasy year for the world, especially for the global economy. Against a background of severe and complicated situation abroad, and arduous reform tasks at home, China s hard-won positive economic performance (mentioned by Premier Li Keqiang in this year s Government Work Report) received considerable attention and appreciation worldwide.
Three major factors are key to China s efforts for sustainable growth this year.
First, thanks to the effective measures of epidemic prevention and control last year, the country s stable economic growth and social development have laid a solid foundation for its manufacturers to export more products to the global market.
Accordingly, petrol continues to be priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the national capital on Monday. Across the country as well the petrol and diesel prices remained unchanged. This is the ninth consecutive day when pump prices of auto fuels have remained unchanged.Afte
A gauge of global stocks dipped in choppy trading on Monday as investors eyed the yield on U.S. Treasuries for signs of inflation pressures in the wake of the U.S. Senate's passage of a $1.9 trillion stimulus bill.