May 6, 2020 / 12:35 AM / a month ago

GRAINS-Soybeans climb for 2nd day on China buys; corn gains

SINGAPORE, May 6 (Reuters) - Chicago soybean futures rose for a second straight session on Wednesday, as purchases by the world’s top importer China underpinned the market.

Corn ticked higher, while wheat edged lower.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board Of Trade added 0.1% to $8.40-1/4 a bushel by 0015 GMT. Corn rose 0.2% to $3.17-1/2 a bushel, while wheat dropped 0.4% to $5.18-3/4 a bushel.

* Chinese buyers booked deals to purchase 378,000 tonnes of U.S. soybeans, the U.S. Department of Agriculture said on Tuesday, even as the Trump administration considers new tariffs to punish China for the coronavirus outbreak.

* Private exporters reported to the government that 136,000 tonnes of soybeans were for delivery in the 2019/2020 marketing year and 242,000 tonnes were for delivery in 2020/21.

* Brazilian corn farmers hoping for relief from drought were disappointed by weaker-than-expected rains this week, while frost expected in the state of Parana could bring further losses, weather forecasters said on Tuesday.

* French soft wheat shipments outside the EU last month reached a four-year high for April, Refinitiv data showed, as exporters continued to ship high volumes during the coronavirus pandemic.

MARKET NEWS

* Global stocks and crude prices were set to extend gains in Asia on confidence that government steps to restart economies will bring back growth and demand for oil.

DATA/EVENTS (GMT) 0500 India IHS Markit Svcs PMI April 0600 Germany Industrial Orders MM March 0750 France Markit Serv, Comp PMIs April 0755 Germany Markit Serv PMI April 0755 Germany Markit Comp Final PMI April 0800 EU Markit Serv, Comp Final PMIs April (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)

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