SYDNEY, Feb 8 U.S. soybean prices rose for a
third session on Wednesday to hit their highest in 12 days,
supported by strong demand for U.S. supplies.
Corn markets were flat after gains of around 1.3 percent the
day before, while wheat prices were also steady.
The most active soybean futures on the Chicago Board of
Trade had climbed 0.26 percent to $10.45-1/4 a bushel by
0356 GMT. They earlier marked their highest since Jan. 27 at
Analysts said soybean prices were being supported by strong
appetite for U.S. supplies, especially as Chinese traders
trickle back to work after the Lunar New Year holiday.
"Chinese buyers are back in the market this week, which is
helping to underpin prices," said Tobin Gorey, director of
agricultural strategy, Commonwealth Bank of Australia.
The U.S. Department of Agriculture on Monday reported weekly
soybean export inspections of 1.636 million tonnes, topping
market forecasts that ranged from 900,000 to 1.2 million.
Traders are also turning their attention to the USDA's
monthly supply and demand report, due Thursday.
The most active corn futures contract was unchanged at
$3.68-1/2 a bushel on Wednesday, while wheat futures were
at $4.30-3/4 a bushel, after closing Tuesday up 2 percent.
Grains prices at 0356 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 430.75 0.00 +0.00% +1.06% 412.28 57
CBOT corn 368.50 0.00 +0.00% +2.86% 355.95 61
CBOT soy 1045.50 2.75 +0.26% +0.50% 1026.38 56
CBOT rice 9.39 -$0.04 -0.37% -5.91% $9.77 28
WTI crude 51.53 -$0.64 -1.23% -2.79% $52.32 35
Euro/dlr $1.069 $0.009 +0.81% +0.42%
USD/AUD 0.7637 0.016 +2.17% +1.84%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(Reporting by Colin Packham; Editing by Joseph Radford)