SINGAPORE, Nov 16 (Reuters) - Chicago soybean futures rose on Monday, trading close to a more than four-year high hit last week, as strong demand from top buyer China and dry weather in South America underpinned prices.
Corn edged higher, while wheat lost ground.
* The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.2% at $11.50 a bushel, as of 0149 GMT. The market climbed to its highest since June 2016 at $11.62 a bushel on Nov. 11.
* Corn rose 0.1% to $4.11 a bushel and wheat fell 0.2% to $5.92-1/2 a bushel.
* The soybean market was well supported after the U.S. Department of Agriculture (USDA) ignited a rally with a report on Tuesday that projected U.S. corn and soybean stockpiles at seven-year lows.
* Prices could climb further if crop weather remains dry in South America. Dryness has already hampered plantings in Brazil, the world’s biggest soybean supplier.
* Traders on Monday will review a National Oilseed Processors Association (NOPA) report that is expected to show U.S. soybean crushings in October likely surged to the second highest monthly level on record.
* NOPA members, handling about 95% of all soybeans processed in the United States, were estimated to have had crushed 177.123 million bushels of soybeans last month, according to the average of estimates from 11 analysts.
* The USDA on Friday reported that weekly U.S. soybeans export sales in the week ended Nov. 5 were 1,468,400 tonnes, a marketing-year low that was in line with analysts’ expectations for 800,000 to 1.8 million tonnes.
* Demand has been strong from China, the world’s top soybean importer. Chinese buyers purchased 745,611 tonnes from the United States last week, including about 202,800 tonnes switched from unknown destinations, the USDA said.
* Brazilian farmers have pre-sold an unprecedented amount of their new soybean crop amid the rally in Chicago that compelled many to trade in their beans even before laying a single seed on the ground this year.
* Asia’s stock markets opened higher, as vaccine optimism offset worries about rising coronavirus cases in Europe and new lockdowns in the United States, while oil prices and risk-exposed currencies also edged higher.
DATA/EVENTS (GMT) 0200 China Urban Investment (YTD) YY Oct 0200 China Industrial Output YY Oct 0200 China Retail Sales YY Oct 0630 India WPI Inflation YY Oct 1100 EU Reserve Assets Total Oct Key banking/govt official to speak at the 23rd Euro Finance Week conference in Frankfurt (Reporting by Naveen Thukral; Editing by Rashmi Aich)
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