Commodities : Soybeans end up in bounce from 1-month low; wheat, corn firm –

Sept 22 (Reuters) –

U.S. soybean futures rose on Friday in a light technical
rebound from six-week lows while corn and wheat also ticked
higher on bargain-buying, but gains in all three markets were
limited by a strong U.S. dollar, analysts said.

Chicago Board of Trade (CBOT) November soybeans
settled up 2-1/2 cents at $12.96-1/4, bouncing after a drop to
$12.92-1/2, the contract’s lowest since Aug. 8. Some traders
said the market’s retreat below $13 signalled potential further
weakness.

CBOT December corn ended up 2 cents at $4.77-1/4 a
bushel, holding above this week’s low of $4.67-3/4, the lowest
on a continuous chart of the most-active contract since
December 2020.

CBOT December wheat rose 3-3/4 cents to settle at
$5.79-1/2, climbing after early weakness.

A firm dollar hung over the markets at a time when
U.S. grains are already struggling to compete in the global
export market with wheat supplies from Russia and Brazilian corn
and soybeans.

“The biggest problem we have right now is demand for
American products,” said Jim McCormack, a managing partner at
AgMarket.net in Barrington, Ill.

“We’re just not priced competitively – Russia on the wheat,
South America on the corn and beans. The dollar has something to
do with it as well,” McCormack said.

The dollar index held at a six-month high, lifted by
a U.S. Federal Reserve warning that interest rates would remain
higher for longer than expected.

However, drought in Argentina and Australia could tighten
world wheat supplies later in the season, while war in Ukraine
remained a risk to Black Sea trade.

Two grain ships set sail this week from a Ukrainian port on
the Black Sea, the first since Moscow quit a deal in July to
allow exports, as Kyiv works to break Russia’s de facto
blockade.

Freshly harvested U.S. corn and soybeans were adding to
ample South American supplies, though doubts lingered over U.S.
yield potential following dry weather in the Midwest this
spring, while farmers in Brazil are facing dry planting
conditions.
(Reporting by Zachary Goelman in New York City. Additional
reporting by Gus Trompiz in Paris, Naveen Thukral in Singapore
and Peter Hobson in Canberra; Editing by Alistair Bell and
Timothy Gardner)