Soy prices will likely remain well-supported on strong fundamental factors in the week ahead.

 

In Monday's electronic trade on the Chicago Board of Trade, the July soy contract breached US$11 a bushel for the first time in seven months.

 

At 0558 GMT, the July soy contract was trading 18 cents higher at US$11.09/bushel.

 

Soy fundamentals remain strong, with continued Chinese imports, rains slowing U.S. crop planting and a drought-induced reduction of South American soy crops.

 

The International Grains Council said in a report Friday that average Thai rice export price slipped to a four-month low in April, touching US$544/metric tonne.

 

Rice prices were pressured by low demand for Thai varieties, demonstrated by Iraq, a traditional Thai rice customer, buying 100,000 tonnes U.S. rice last month, the IGC said.

 

Thailand's rice exports in the Jan. 1-April 1 period fell 37% on year to 2.1 million tonnes, it said. Meanwhile, Vietnam's exports rose 50% to 2.5 million tonnes.

 

Vietnam exported 700,000 tonnes rice in April, mostly to markets in Asia and Africa.

 

The third major active rice exporter in Asia, Pakistan, saw its average rice export price rise by US$40/tonne in April, a six-month high, at US$388/tonne.

 

The IGC said that tight domestic rice supplies and slight pick-up in export demand buoyed prices.