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GRAINS-WHEAT RISES FOR 2ND DAY ON SUPPLY WOES, SOYBEANS REBOUND

Reuters, 07.08.18


* Wheat gains more ground as dryness cuts world supplies

* Soybeans rebound as USDA pegs crop condition below forecast

(Adds details, quotes)

By Naveen Thukral

SINGAPORE, Aug 7 (Reuters) - Chicago wheat futures gained further on Tuesday with the market trading close to last week's three-year high on concerns over dryness in key exporting countries cutting world output.

Soybeans rebounded after the U.S. Department of Agriculture pegged the crop condition below market expectations.

The Chicago Board of Trade most-active wheat contract was up 0.5 percent at $5.77-1/4 a bushel by 0236 GMT, having closed up more than 3 percent on Monday and not far from last week's three-year high of $5.93 a bushel.

Soybeans gained 0.8 percent to $9.00-1/2 a bushel, having closed down 1 percent on Monday, while corn added 0.2 percent to $3.86 a bushel, after rising 0.3 percent in the previous session.

"Chicago wheat is making sharp gains after a brief halt as crops across the world are shrinking in dry weather. We think prices will remain at higher levels," said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.

"Corn is lagging wheat prices at the moment, but we expect it to start following the wheat rally in the near future."

The wheat market is being supported by concerns about tightening global supplies as harsh weather slashed harvest prospects around the world.

Russian wheat export prices continued to rise steeply last week amid worsening crop harvest forecasts across countries in Europe and the Black Sea region, analysts said on Monday.

Black Sea prices for Russian wheat with 12.5 percent protein content were $234 per tonne on a free on board basis at the end of last week, up from $223 a week earlier, Russian agricultural consultancy IKAR said in a note.

For soybeans, the USDA said 67 percent of the crop was in good to excellent condition, lagging behind market expectations.

It said 74 percent of the U.S. spring wheat crop is in good to excellent condition, also falling short of market estimates. The agency said 71 percent of the corn crop was in good to excellent condition, matching analysts' expectations.

Soybeans have faced pressure from a trade dispute between Washington and Beijing that has stoked fears of a lengthy disruption of massive U.S. exports to China.

Chinese state media reported that the country could cut its soybean imports by 10 million tonnes this year by relying instead on other feed sources like sunflower and palm.

Commodity funds were net buyers of CBOT corn and wheat futures contracts on Monday and net sellers of soybeans, soymeal and soyoil, traders said.

(Reporting by Naveen Thukral; Editing by Sunil Nair)



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