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IKAR in Mass Media

GRAINS-Soybeans rise, head for longest rally in 5 months

10 августа 2016 года

* Soybeans firm on strong demand for U.S. supplies
* Corn recoups nearly all losses from Tuesday; wheat flat

SYDNEY, Aug 10 (Reuters) - U.S. soybeans rose more than 0.5 percent on Wednesday to extend gains into a sixth session as demand for U.S. supplies pushed the oilseed towards its longest unbroken rally in five months.

Corn rose 0.5 percent, gaining back most of the losses from the previous session, while wheat was unchanged.

The most active soybean futures on the Chicago Board Of Trade rose 0.71 percent to $9.95 a bushel, having firmed 0.3 percent on Wednesday when prices hit $9.99-1/4 a bushel - the highest since Aug. 1.

Soybeans are up for a sixth straight session, the longest consecutive rally since March 11, with strong demand for U.S. export shipments lifting prices.

"The trade figures provide a lot of support," said Phin Ziebell, agribusiness economist, National Australia Bank.

"But there is so much supply, it is hard to see how rallies can be sustained."

The U.S. Department of Agriculture (USDA) reported on Tuesday that private exporters sold 120,000 tonnes of U.S. soybeans to unknown destinations for 2016-17 delivery. The USDA has announced daily soybean sales in each of the last 10 trading sessions.

The strong U.S. export pace is offsetting pressure amid favourable production prospects, expected to be confirmed by the USDA latest monthly supply/demand report on Friday.

The most active corn futures rose 0.53 percent to $3.34-1/4 a bushel, having closed down 0.7 percent in the previous session.

However, corn remains under pressure from expectations of a bumper harvest in the United States.

Analysts surveyed by Reuters expect the government to raise its forecasts of U.S. 2016-17 corn production and ending stocks, reflecting this summer's mostly favourable weather.

But output forecasts in South America may promote stronger U.S. exports.

Brazil's government crop supply agency Conab lowered its estimate of the country's 2015-16 total corn crop to 68.48 million tonnes, down from 69.14 million tonnes in July and last year's 84.67 million tonnes.

The most active wheat futures were unchanged at $4.17 a bushel, having closed up unchanged on Wednesday.

France's weather-hit soft wheat harvest will produce 28.68 million tonnes, down 30 percent from a record 2015 crop, consultancy Agritel said.

Russia's IKAR agriculture consultancy said on Tuesday it had upgraded its forecast for Russia's 2016 grain crop by 2 million tonnes to 116 million tonnes.

Grains prices at 0340 GMT

 Contract      Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat  417.00    0.00   +0.00%       +0.00%   422.61    54
 CBOT corn   334.25    1.75   +0.53%       -0.15%   348.69    40
 CBOT soy    995.00    7.00   +0.71%       +1.02%  1026.10    54
 CBOT rice     9.68  -$0.02   -0.21%       +4.03%   $10.29    44
 WTI crude    42.69  -$0.08   -0.19%       -0.77%   $44.23    51
 Currencies                                                     
 Euro/dlr    $1.114  $0.003   +0.22%       +0.47%               
 USD/AUD     0.7683   0.001   +0.16%       +0.43%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential

Source: Reuters  |  #grain #oilseeds   |  Comments: 0   Views: 81

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