* Soybeans rise, wet weather threatens to delay harvest
* China-led strong demand underpins Chicago soybean prices
* Corn dips as U.S. harvest kicks off, wheat ticks higher
(Adds comment, detail)
By Naveen Thukral
SINGAPORE, Sept 7 Chicago soybeans rose for a
fourth consecutive session on Wednesday, with prices underpinned
by strong demand and concerns over excessive wet weather
delaying the U.S. harvest.
Corn prices remain under pressure as farmers start gathering
a record-sized U.S. crop, while wheat ticked up after closing
marginally lower on Tuesday.
The most-active soybean contract on the Chicago Board of
Trade had risen 0.1 percent to $9.61 a bushel by 0306 GMT,
having firmed 0.8 percent on Tuesday when it hit the highest
since Aug. 30 at $9.64 a bushel.
Corn was unchanged at $3.28-1/2 a bushel, after
dropping to multi-year lows last week and wheat gained 0.2
percent to $3.99-1/4 a bushel.
"The U.S. Midwest is likely to receive more rain this week
than had previously been forecast," said Tobin Gorey, director
of agricultural strategy, Commonwealth Bank of Australia.
"While meteorologists have downplayed the impact on crops,
plenty of market chatter about delays to maturation and
harvesting is doing the rounds."
Soybean prices drew support from a USDA report showing
export inspections of U.S. soybeans in the latest week at
1,232,739 tonnes, above a range of trade expectations for
700,000 to 950,000 tonnes.
Gains in soybeans are being capped by the healthy condition
of the U.S. crop so far this season. The U.S. Department of
Agriculture rated the soybean crop as 73 percent
good-to-excellent, unchanged from last week. Analysts had
expected a slight decline in ratings.
The USDA rated 74 percent of the U.S. corn crop in
good-to-excellent condition, in line with trade expectations and
down from 75 percent the previous week.
The government has not yet issued a national figure for corn
harvest progress, but state reports pegged the harvest as
1-percent complete in Illinois and 8-percent complete in
Commodity funds were net buyers of CBOT soybean futures on
Tuesday and small net sellers of corn and wheat.
Meanwhile, Canada's wheat stockpile shrank to its smallest
mid-summer level on record, a Reuters trade survey estimated
ahead of a government crop report.
Grains prices at 0306 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 399.25 0.75 +0.19% +0.00% 424.63 31
CBOT corn 328.50 0.00 +0.00% +0.00% 333.07 47
CBOT soy 961.00 1.25 +0.13% +0.89% 979.77 37
CBOT rice 9.53 $0.01 +0.05% +1.11% $9.81 39
WTI crude 45.10 $0.27 +0.60% +1.49% $44.42 47
Euro/dlr $1.125 $0.000 +0.01% +0.98%
USD/AUD 0.7669 -0.002 -0.22% +1.20%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Joseph Radford)