Weak dollar lifts soybeans out of losing streak

The most active soybean futures on the Chicago Board Of Trade were up 0.5% at $8.37-3/4 a bushel

  
Image used for illustrative purpose. Male hands holding a sieve and throws up soybean grains.

Image used for illustrative purpose. Male hands holding a sieve and throws up soybean grains.

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SYDNEY - U.S. soybean futures edged higher for the first time in three sessions on Tuesday as a weaker dollar buoyed export prospects, though tensions between Washington and Beijing capped gains.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.5% at $8.37-3/4 a bushel, as of 0115 GMT, having closed 0.2% lower on Friday.

* U.S. markets were closed on Monday for Memorial Day.

* The most active corn futures were unchanged at $3.18 a bushel, having gained 0.1% on Friday.

* Gains in soybeans were capped amid concerns that mounting tensions between the United States and China, the world's largest buyer of soybeans, over the new Hong Kong law could disrupt trade.

* The most active wheat futures were unchanged at $5.08-3/4 a bushel, having closed 1.4% lower in the previous trade.

* Forecasts of good weather for crop development in the U.S. Midwest limited corn's strength.

MARKET NEWS

* The dollar inched lower on Tuesday as broad optimism about a global recovery from the COVID-19 pandemic supported riskier currencies, though concerns about Sino-U.S. tensions held further moves in check.

* Oil prices rose on Tuesday on clear signs that producers are sticking to commitments to cut crude supply as more cars get back on the road with coronavirus lockdown easing around the world.

(Reporting by Colin Packham, Editing by Sherry Jacob-Phillips) ((colin.packham@thomsonreuters.com; +61-2 9321 8161; Reuters Messaging: colin.packham.thomsonreuters.com@reuters.net))

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