MARKET ANALYSIS

SOYBEANS HOVER NEAR 3-MONTH HIGH, WHEAT RISES – CBOT

US soybean futures were trading near their highest level in three months following a rally in vegetable oil prices and as the latest weather forecasts for key northern growing areas turned wet again, threatening to delay planting, reported.  Corn futures were steady amid lower-than-expected weekly export data, while wheat edged higher on supply concerns. The most-active soybeans on the Chicago Board of Trade (CBOT) rose 0.25% to $17.30-3/4 a bushel, as of 0210 GMT, after rising 2.7%. Wheat was up 0.24% at $11.46 a bushel and corn was flat at $7.65 a bushel. Russian President Vladimir Putin and Italy’s Prime Minister Mario Draghi discussed ways to help ease the international food crisis, with the Kremlin saying this could be done only if the West lifts sanctions. Commodity Weather Group said in a note to clients that rains would disrupt seeding in North Dakota, South Dakota and Minnesota – the states furthest behind schedule due to cool and wet weather throughout the spring. The US Department of Agriculture said weekly export sales of corn totalled 210,000 tons, below forecasts that ranged from 350,000 to 1.3 million tons. Soy oil imports by India, the world’s biggest importer of vegetable oils, could jump to a record after New Delhi allowed duty free imports. Oil prices were trading near their highest level in two months as investors focused on signs of tight global supply.