SINGAPORE, Nov 6 (Reuters) - Chicago soybean futures climbed to a seven week high on Monday with erratic weather in the world's No. 1 exporter Brazil and demand for U.S. cargoes underpinning the market.
There was additional support for soybeans from a weaker dollar which also lifted corn prices.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) climbed 0.3% to $13.56 a bushel, as of 0113 GMT, after reaching its highest since Sept. 15 at $13.59 a bushel earlier in the session.
* Corn added 0.1% to $4.77-1/2 a bushel while wheat lost 0.4% to $5.70-1/2 a bushel.
* The market is monitoring uneven crop weather in Brazil, where soybean planting is under way.
* Dry conditions have been a concern in portions of leading soy-producing state Mato Grosso, while excessive rains have drenched southern areas.
* Still, brokerage StoneX raised its forecast of Brazil's 2023/24 soy crop this week to 165 million metric tons, from the previous forecast of 164.1 million tons.
* Soybeans got a lift on Friday after the U.S. Department of Agriculture (USDA) confirmed private sales of 131,150 tons of U.S. soybeans to unknown destinations.
* Soybeans and corn got a boost after data showed U.S. job growth slowed more than expected in October, underscoring views that the Federal Reserve may be done hiking interest rates. The dollar index hit a six-week low on the news, making U.S. grains and soybeans more attractive on the world market.
* Analysts are awaiting the USDA's Nov. 9 monthly supply/demand reports in which the government will release updated U.S. and global crop estimates.
* In news, Ukraine has harvested more than 67 million metric tons of grain and oilseeds from the new 2023 harvest so far, the agriculture ministry said on Friday. The ministry gave no comparative data.
* It said 47.2 million tons of grain and about 20 million tons of oilseeds had been threshed. The harvest ends late this year, depending on the weather.
* Large speculators increased their net short position in Chicago Board of Trade corn futures in the week to Oct. 31, regulatory data released on Friday showed.
* The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and switched to a net long position in soybeans.
MARKET NEWS
* Asian shares rallied for a fourth straight session, after markets moved to price in earlier rate cuts in the United States and Europe, bullish wagers that will be tested by a swarm of central bank speakers this week.
DATA/EVENTS (GMT) 0700 Germany Industrial Orders MM Sept 0700 Germany Manufacturing O/P Cur Price SA Sept 0700 Germany Consumer Goods SA Sept 0850 France S&P Global Serv PMI Oct 0850 France HCOB Composite PMI Oct 0855 Germany HCOB Services PMI Oct 0855 Germany HCOB Composite Final PMI Oct (Reporting by Naveen Thukral; Editing by Rashmi Aich)
