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Grains-soybeans jump 2 pct as Europe seen buying more, wheat at 2-month top

Reuters, 27.07.18


* Soybeans rise for 3rd session, hit highest since July 9
* Europe has agreed to import more U.S. soybeans
* Wheat climbs to highest since late May on lower output

(Updates prices, adds details, changes dateline/byline) By Naveen Thukral and Sybille de La Hamaide

SINGAPORE/PARIS, July 26 (Reuters) - Chicago soybean futures climbed nearly 2 percent on Thursday, rising for a third consecutive session with prices underpinned by expectations of higher exports to Europe after talks between Washington and the European Union.

Wheat rose to a two-month high, building on last session's strong gains as dryness reduces yields in top exporting countries worldwide.

The Chicago Board of Trade most-active soybean contract rose 1.9 percent to $8.92-1/2 a bushel, after hitting its strongest since July 9 at $8.95-1/4.

Wheat gained 1.3 percent to $5.49-3/4 a bushel after earlier reaching its highest since May 29 at $5.53-3/4. Wheat rallied 6.4 percent on Wednesday. Corn was up 1.3 percent at $3.78 a bushel.

"Europe is likely to buy more U.S. soybeans and it will offset some demand destruction that we have seen in China because of higher tariffs," said one India-based agricultural commodities analyst.

In what the EU chief called a "major concession," U.S. President Donald Trump agreed on Wednesday to refrain from imposing car tariffs as the two sides launch talks on cutting other trade barriers, easing the threat of a transatlantic trade war.

Europe has agreed to import more American soybeans, aiding U.S. farmers, Trump said.

However, many observers in Europe considered the moves as symbolic as the EU does not impose tariffs on soybean imports. "It is not the European Commission that buys (soybeans) but the industry and traders look for goods where they are the least expensive," a European trader said. "If U.S. soy is cheaper than the Brazilian it will be preferred."

For wheat, lower output in Europe, the Black Sea region and Australia underpinned prices.

Consultancy Strategie Grains has again cut its estimate for this year's European Union soft wheat crop, which is now expected to be below 130 million tonnes.

Fears for global supplies sent Euronext milling wheat benchmark surging for the sixth session in a row on Thursday, hitting a high of 207.00 euros a tonne, a price unseen since July 1, 2015.

Euronext wheat rose more than 10 percent in the past week. Traders said wheat prices had also been supported by reports on Wednesday that leading Russian analyst IKAR had expressed fears Russia could restrict grain exports to protect its market, comments which the analyst denied later in the day.

Yields in Russia, the world's biggest exporter, are around a three-year low, according to agriculture consultancy SovEcon. In the United States, scouts on an annual crop tour found below average yield prospects for hard red spring wheat in the southern half of North Dakota and adjacent areas of South Dakota.

Prices at 1057 GMT

Last Change Pct End Ytd Move 2017 Pct Move

CBOT wheat Mar 549.75 7.00 1.29 427.00 28.75
CBOT corn Mar 378.00 4.75 1.27 350.75 7.77
CBOT soy Mar 892.50 16.75 1.91 951.75 -6.23
Paris wheat Dec 204.25 1.75 0.86 162.50 25.69
Paris maize Nov 189.00 3.00 1.61 163.50 15.60
Paris rape Aug 369.50 3.50 0.96 347.75 6.25
WTI crude oil 69.21 -0.09 -0.13 60.42 14.55

Euro/dlr 1.17 0.00 -0.17

Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne



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