* Corn at highest since Aug. 25 on short-covering bounce
* Soybeans gain more ground, rise capped by supply hopes
* China imported 7.67 mln tonnes of soybeans in August
(Adds comment, detail)
By Naveen Thukral
SINGAPORE, Sept 8 Chicago corn futures climbed
to a two-week high on Thursday, buoyed by short-covering after
prices dropped to multi-year lows last week under pressure from
expectations of a record U.S. crop.
Soybeans gained more ground due to strong exports, although
ample global production put a ceiling on prices.
Chicago Board of Trade's most-active corn contract
rose 0.2 percent to $3.34 a bushel by 0254 GMT, after earlier in
the session hitting its highest since Aug. 25 at $3.34-1/4 a
Soybeans added 0.1 percent at $9.76-1/2 a bushel and
wheat was unchanged at $4.02-3/4 a bushel.
"There was a steep decline in prices and we think buyers are
just taking advantage of low prices to lock in supplies," said
an agricultural commodities analyst.
"There is talk of too much rain in the U.S. Midwest, but it
is not a big issue as the crop is looking very good. We see
further downside in prices."
Strong demand for beans from top buyer China is supporting
The U.S. Department of Agriculture earlier said exporters
sold 484,000 tonnes of U.S. soybeans to China and unknown
destinations, and more such announcements could be forthcoming
after China last week signed deals to buy nearly 4 million
tonnes of U.S. soybeans.
China imported 7.67 million tonnes of soybeans in August,
down 1.2 percent from 7.76 million tonnes in July, figures from
the General Administration of Customs of China showed.
Wheat traders were optimistic that cheap U.S. grain could be
sold to Northern African destinations such as Algeria and
Morocco, while top importer Egypt rejected a cargo of Romanian
wheat because of strict quality specifications.
The USDA is widely expected to trim soybean ending stocks
for the 2016/17 marketing season in the agency's monthly supply
and demand report due on Monday, a Reuters poll of analysts
Commodity funds were net buyers of CBOT corn, soybean and
wheat futures on Wednesday.
In news, Canadian canola and wheat stockpiles were sharply
lower in midsummer from a year earlier, the smallest in three
years, but bigger than expected, a Statistics Canada report
showed on Wednesday.
Grains prices at 0254 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 402.75 0.00 +0.00% +1.07% 423.68 38
CBOT corn 334.00 0.75 +0.23% +1.67% 332.93 55
CBOT soy 976.50 1.00 +0.10% +1.75% 979.93 49
CBOT rice 9.67 $0.11 +1.15% +1.58% $9.79 37
WTI crude 46.34 $0.84 +1.85% +3.37% $44.58 56
Euro/dlr $1.125 $0.002 +0.14% +0.01%
USD/AUD 0.7684 0.001 +0.16% -0.03%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Joseph Radford)