GRAINS-Chicago soya beans hover near an 11-week low despite modest recovery

Chicago soybean futures rose on Thursday, but they remained at a low of 11 weeks as favorable weather in the Midwest and selling pressure affected the market.

After four consecutive sessions of losses, the most active soybean contract increased 0.05% to $10.00 per bushel.

The warm, rainy weather is ideal for corn and soybean crops.

The bearish tone was heightened by the selling pressure that preceded the first notice date of the July contracts for soybeans, wheat and corn.

The Brazilian National Energy Policy Council approved Wednesday an increase in the amount of biofuels blended with fossil fuels. This could increase the demand for biofuels, especially soyoil.

Corn fell 1.16%, to $4.05-4/8 per bushel. It was at its lowest since October. This was due in part to expectations for a large Brazilian harvest.

Wheat prices fell 0.05%, to $5.44-2/8 per bushel. This was due to a favorable weather pattern and ample global supply forecasts.

The agricultural consultancy Sovecon announced on Wednesday that it has slightly increased its forecast of Russian wheat production in 2025, to 83.0 millions metric tons. It cited improved crop conditions throughout central Russia.

The U.S. Department of Agriculture is due to release its quarterly stock report and crop progress reports on Monday.

Commodity funds sold futures contracts for corn, soybeans and wheat on the Chicago Board of Trade, as well as soymeal, according to traders. Soyoil contracts were bought by traders in net amounts. Reporting by Ella Cao, Lewis Jackson and Vijay Kishore; Editing by Rashmi aich and Vijay Kishore

(source: Reuters)