July 22, 2020 / 1:25 AM / 21 days ago

GRAINS-Chicago corn, soybeans rebound on Chinese buying; wheat firms

SINGAPORE, July 22 (Reuters) - Chicago corn and soybean futures rose of Wednesday, supported by strong Chinese demand, although favourable growing conditions across the U.S. Midwest kept a lid on prices.

Wheat gained for a second consecutive session.

FUNDAMENTALS

* The Chicago Board of Trade most-active corn contract rose 0.2% to $3.31-1/2 a bushel by 0106 GMT after closing 1.6% lower in the last session.

* Soybeans added 0.2% to $8.94-3/4 a bushel and wheat gained 0.1% to $5.28-1/2 a bushel.

* Since July 10, the U.S. Department of Agriculture (USDA) has reported China bought 3.259 million tonnes of U.S. corn, along with 1.298 million tonnes of soybeans and 320,000 tonnes of hard wheat.

* China booked a small purchase of U.S. soybeans for the second day in a row on Tuesday, the USDA said. It bought 126,000 tonnes of soybeans for delivery in the 2020/21 marketing year.

* China’s move to sell domestic rice and wheat to replace expensive corn could lower the need to import U.S. farm goods.

* The country plans to sell rice and wheat from state reserves to animal feed producers struggling with high corn prices, three sources familiar with the matter said.

* In its weekly crop report after markets closed on Monday, the USDA rated 69% of soybeans in good-to-excellent condition, up from 68% last week. Analysts had expected 67%.

* The agency said 69% of U.S. corn was in good-to-excellent condition, unchanged on the week. Analysts had expected 68%.

* Brazil’s July soybean exports are expected to reach 8.8 million tonnes based on shipping line-up data, up from 6 million tonnes in the same month a year ago, according to grain exporter association Anec.

MARKETS

* Asia shares were set to open lower after U.S. President Donald Trump’s comments regarding the country’s surge in novel coronavirus cases outweighed a slight rally on Wall Street.

DATA/EVENTS (GMT) 0030 Japan Jaibun Bank Mfg PMI Flash July 1400 US Existing Home Sales June (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)

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