US soybeans outperformed strong demand from China on Tuesday (June 9, 2020), but crop yields from the US Department of Agriculture (USDA) report showed that the crops were in better condition than expected.
* The most active soybean futures on the Chicago Board Of Trade were up 0.1% at $8.65-1/4 a bushel by 0100 GMT, having closed down 0.3% on Monday.
* The most active corn futures were unchanged at $3.33-3/4 a bushel, having gained 0.8% in the previous session.
* The most active wheat futures were up 0.3% at $5.13-1/4 a bushel, having closed down 0.7% on Monday.
* The USDA said 72% of the U.S. soybean crop is in good to excellent condition. Analysts on average had expected a smaller improvement of 1 percentage point.
* The USDA said corn planting progress reached 97% by Sunday, matching an average of analyst expectations.
* The USDA said soybean planting was 86% complete, compared to analyst estimates of 87%.
* U.S. exporters reported large sales of soybeans for a fourth straight day on Friday in deals widely thought to be bound for China, which has accelerated buying this week amid rising prices in top supplier Brazil.
The U.S. dollar fell and commodity currencies gained on Monday, as risk appetite increased on hopes of recovery from COVID-19 amid a blockbuster May U.S. jobs report last Friday. Find more…