* Soybeans hit highest since Sept. 12, U.S. rains raise
* Corn dips, losses curbed by wet U.S. conditions; wheat
(Adds details, quotes)
By Naveen Thukral
SINGAPORE, Sept 20 Chicago soybeans rose for a
fourth straight session on Tuesday as excessive rains in parts
of the U.S. Midwest delayed harvest and raised concerns about
Corn eased although the decline was limited by worries about
the U.S. crop facing rains during harvest, while wheat dipped
amid continued concerns about top importer Egypt's ban on
cargoes with ergot fungus, a common grain fungus.
Chicago Board Of Trade most-active soybean contract
rose 0.7 percent to $9.79-1/4 a bushel by 0300 GMT. Earlier in
the session it rose to $9.83, its highest since Sept. 12.
Corn fell 0.2 percent to $3.36-1/2 a bushel and wheat
slid 0.1 percent to $4.03-1/2 a bushel.
"The soybean crop condition is stable but there could be
some damage as rains are continuing in the Midwest," said Kaname
Gokon at brokerage Okato Shoji in Tokyo.
"If it continues to rain, the next week's crop condition
report might show some damage."
The U.S. Department of Agriculture said nine percent of U.S.
corn was harvested as of Sunday, down from the five-year average
of 12 percent for this time of year and 11 percent expected by
The agency said four percent of U.S. soybeans were
harvested, down slightly from five percent on average.
Soybean prices could, however, come under pressure due to
weaker demand from China, which imports about two thirds of the
oilseed traded worldwide.
A jump in domestic soy output and plentiful state stocks
will slow the growth in Chinese demand for the oilseed in
2016/17, said an official Chinese think-tank on Monday, just as
the United States harvests a record crop.
Russian wheat export prices fell for the fourth week amid a
continued standoff between Moscow and Egypt after Cairo banned
wheat with any ergot.
Egypt failed to attract a single offer at its state grain
tender on Monday, forcing it to cancel its third consecutive
wheat purchase tender.
Commodity funds were net buyers of Chicago Board of Trade
soybean and soyoil futures on Monday and net sellers in corn,
Grains prices at 0300 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 403.50 -0.50 -0.12% +0.06% 416.97 71
CBOT corn 336.50 -0.75 -0.22% -0.15% 333.02 70
CBOT soy 979.25 6.75 +0.69% +1.37% 977.68 53
CBOT rice 9.76 $0.00 +0.00% -0.31% $9.82 63
WTI crude 43.06 -$0.24 -0.55% +0.07% $45.42 39
Euro/dlr $1.117 $0.000 -0.01% +0.17%
USD/AUD 0.7544 0.001 +0.15% +0.75%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Himani Sarkar)