GRAINS-Soy rises to maximum since 2012 due to supply problems, vegetable oils skyrocket

By Julie Ingwersen

CHICAGO (Reuters) – U.S. soybean futures hit an eight-and-a-half-year high on Wednesday after a key U.S. government report on the harvest projected oilseed supplies will remain tight even after the harvest. 2021 harvest.

* The rise in soybean oil futures in Chicago served as support. The contract for May, little traded, reached 72.32 cents per pound, an all-time high on a continuous chart of the spot price, before cutting earnings.

* Corn and wheat futures fell after the US Department of Agriculture’s first official stock forecast was above most trade expectations.

* July soybeans in Chicago rose 27.75 cents to $ 16,425 a bushel after hitting $ 16,675, the highest on a continuous chart for the most active contract since September 2012.

* Soybean futures rose after the USDA projected 2021/22 US ending stocks of 140 million bushels, roughly in line with broker expectations, but only slightly above 120 million bushels. bushels expected at the end of 2020/21, a minimum of seven years.

* “The US soybean situation is essentially the tightest we’ve ever seen in the relationship between stocks and use. It could be argued that the market has been undervalued for the past few months,” said Joe Vaclavik, president of the brokerage. Standard Grain.

* Soybean oil futures skyrocketed on global demand for soybean-based biodiesel and vegetable oil.

* “We expect the strong demand to continue in the market. There is no reason for (soy) mills to slow down the crushing of grains. The United States is going to need the oil because of this renewable biodiesel industry that seems to be emerging. overnight, “said Terry Reilly, principal analyst at Futures International.

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* July corn was down 7.5 cents to $ 7.1475 a bushel, while the December contract, reflecting the 2021 harvest, fell 18.5 cents to $ 5.93, pressured by the forecast for stocks from the USDA.

* USDA projected US corn ending stocks for 2021/22 at 1.507 million bushels, up from 1.257 million expected at the end of 2020/21, and above the median estimate from analysts in a survey of Reuters of 1,344 million.

* The USDA lowered its estimate for Brazil’s 2020/21 corn crop to 102 million tons, from 109 million last month, while Brazilian government supply agency Conab cut its forecast to 106.413 million tons, from 108,966 million in April.

(Additional information from Sybille de La Hamaide in Paris and Naveen Thukral in Singapore; edited in Spanish by Javier López de Lérida)

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