Por Julie Ingwersen
CHICAGO (Reuters) – Benchmark U.S. soybean futures rose above $ 16 a bushel on Tuesday for the first time since 2012 as traders focus on tightening feed grain supplies and due to dry weather in the maize belt of Brazil.
* Corn and wheat futures also posted strong gains, with contracts close to the top. The weakening of the dollar provided support, making US grains more competitive globally.
* Soybeans on the Chicago Stock Exchange rose 27.25 cents to $ 16.1475 per bushel after hitting a contract high of 16.255, the highest level on a continuous chart of the most active soy contract since September 2012.
* July corn ended up 10.5 cents at $ 7.2225 a bushel, falling below the contract high set last week. July wheat rose 11.2550 cents to settle at $ 7.4175 a bushel.
* Soybeans topped $ 16 on concerns about declining supplies of feed grains, including soybean meal and corn. The rebound reflects dry weather in Brazil that may slow down corn production.
* Traders await Wednesday’s World Agricultural Supply and Demand Estimates (WASDE), a report in which the United States Department of Agriculture (USDA) will give its first global outlook for 2021/22 and update their estimates for 2020/21.
* Analysts polled by Reuters on average expect the USDA to lower its 2020/21 production estimate for Brazil to 103.5 million tonnes, from 109 million in April. Others fear that the figure will ultimately fall below 100 million tonnes, curbing exportable supplies.
* Brazilian agribusiness consultancy AgRural estimated the country’s total corn harvest on Monday at 95.5 million tons.
(Reporting by Gus Trompiz in Paris, Naveen Thukral in Singapore and Mark Weinraub in Chicago. Edited in Spanish by Rodrigo Charme)