June 8, 2020 / 11:17 AM / 24 days ago

GRAINS-Chicago soybeans hover near 2-month top on strong demand

    * China buys U.S. beans for Sept-Dec period
    * Corn rises for 3rd day, wheat edges higher

 (Updates prices, adds quote, changes dateline)
    By Naveen Thukral and Sybille de La Hamaide
    SINGAPORE/PARIS, June 8 (Reuters) - Chicago soybean futures
edged lower on Monday, though the market traded near a two-month
high touched in the previous session on support from strong
demand for U.S. supplies, while corn gained as higher oil prices
boosted hopes for ethanol demand.
    The most-active soybean contract on the Chicago Board Of
Trade (CBOT) was down 0.03% at $8.67-1/2 a bushel, as of
1055 GMT, not far from Friday's highest since April 1 at $8.74 a
bushel.
    Corn rose 0.7% to $3.33-1/2 a bushel, while wheat
 was up 0.05% to $5.15-1/2 a bushel.
    U.S. exporters reported large sales of soybeans for a fourth
straight day on Friday in deals widely thought to be bound for
China, which has accelerated buying this week amid rising prices
in top supplier Brazil.
    The U.S. Department of Agriculture on Friday reported
588,000 tonnes of soybean sales.
    "The fact that the Brazilian real has recovered against the
U.S. dollar in recent weeks has played into the hands of U.S.
suppliers," Commerzbank said in a note.
    Russia's southern Stavropol region, one of country's main
grain-producing areas, may see its 2020 crop fall by 40%
compared with last year due to cold weather and drought, the
Interfax news agency said on Friday, citing a regional
agriculture ministry.
    Large speculators increased their net short position in CBOT
corn futures in the week ended June 2, regulatory data released
on Friday showed. 
    The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that non-commercial
traders, a category that includes hedge funds, trimmed their net
short position in CBOT wheat and increased their net short
position in soybeans.    
    
 Prices at 1055 GMT                                                  
                                  Last  Change    Pct     End     Ytd
                                                 Move    2019     Pct
                                                                 Move
  CBOT wheat                    515.50    0.25   0.05  558.75   -7.74
  CBOT corn                     333.50    2.25   0.68  387.75  -13.99
  CBOT soy                      867.50   -0.25  -0.03  955.50   -9.21
  Paris wheat December          188.50    0.00   0.00  188.25    0.13
  Paris maize Jun               169.50    0.00   0.00  168.50    0.59
  Paris rape Aug                376.00    1.00   0.27  387.25   -2.91
  WTI crude oil                  39.85    0.30   0.76   61.06  -34.74
  Euro/dlr                        1.13    0.00  -0.10  1.1210    0.56
 Most active contracts - Wheat, corn and soy US cents/bushel, Paris
 futures in euros per tonne
 

 (Reporting by Naveen Thukral, editing by Sherry Jacob-Phillips
and David Evans)
  
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