Soybeans posted double digit gains to hit a one-week high to start the day while corn and wheat gains were limited to a few cents. In outside markets, crude oil found strength and helped push equities higher to start the week.
Crop consultant Safras pegs Brazil's 2016/17 corn crop at a record 92.3 MMT versus 70.75 MMT in 2015/16 . They expect summer crops planted area for corn to rise 7.8% from year ago to 4.21 million hectares. The increase in summer crop area is linked to the improved price of the grain in comparison to soybeans.
Dry soil could hit the sowing of winter grain in Ukraine, analyst UkrAgroConsult said on Monday.
Winter wheat accounts for 95% of Ukraine's overall wheat output, and the winter crop is also a significant part of the barley harvest. The consultancy said in a statement the average daily temperature was up to 6 degrees Celsius higher than the norm, and that had created poor conditions for preparing the soil for winter sowing.
Egypt was again tendering for wheat. But their last tender met with silence as no global sellers offered up wheat because of strict Ergot restrictions.
Oil prices rallied on Monday, after Venezuela said a deal to stabilize the global oil supply is imminent between nations inside and outside the Organization of the Petroleum Exporting Countries.
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