03.03.2021 (financialpost.com) - CANBERRA — U.S. soybean futures edged higher on Wednesday as worries about adverse weather in Brazil stoked concerns about global supplies.

FUNDAMENTALS

* The most-active soybean futures on the Chicago Board Of Trade were up 0.1% at $14.13-1/2 a bushel by 0208 GMT, having firmed 1.5% on Tuesday.

* Corn futures were down 0.3% to $5.43-1/2 a bushel, having gained 1.3% in the previous session.

* Wheat futures were down 0.2% at $6.65 a bushel, having closed up 2.5% on Tuesday.

* In Brazil, the world’s biggest soy exporter, soybean harvesting and corn planting are furthest behind schedule in south-central Mato Grosso, according to weather firm Maxar. Widespread rains in Mato Grosso over the next week should keep fieldwork behind the normal pace, the firm said.

* The U.S. Department of Agriculture’s (USDA) National Agricultural Statistics Service in a weekly crop report on Monday rated 37% of the Kansas winter wheat crop in good to excellent condition, down from 40% a week earlier.

MARKET NEWS

* The safe-haven U.S. dollar remained broadly weaker on Wednesday as Treasury yields continued to retreat, restoring some calm to global markets and reigniting demand for riskier assets.

* Oil prices were down in early trade, extending several days of losses, amid uncertainty over how much supply producing countries will push to restore to the market at a meeting this week while the pandemic persists.

* Asian shares edged higher as investors shrugged off concerns that stocks may have rallied too far too fast in the past year, and focused instead on optimism that more imminent U.S. stimulus will energize the global economic recovery.

(Reporting by Colin Packham; editing by Uttaresh.V)

https://financialpost.com/pmn/business-pmn/soybeans-extend-gains-on-brazil-weather-forecast