June 9, 2020 / 1:23 AM / a month ago

GRAINS-Soybeans edge higher on China demand, upbeat USDA crop report check gains

SYDNEY, June 9 (Reuters) - U.S. soybeans inched higher on Tuesday on strong demand from China, but gains were checked by a U.S. Department of Agriculture (USDA) report that showed the crops were in better-than-expected condition.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.1% at $8.65-1/4 a bushel by 0100 GMT, having closed down 0.3% on Monday.

* The most active corn futures were unchanged at $3.33-3/4 a bushel, having gained 0.8% in the previous session.

* The most active wheat futures were up 0.3% at $5.13-1/4 a bushel, having closed down 0.7% on Monday.

* The USDA said 72% of the U.S. soybean crop is in good to excellent condition. Analysts on average had expected a smaller improvement of 1 percentage point.

* The USDA said corn planting progress reached 97% by Sunday, matching an average of analyst expectations.

* The USDA said soybean planting was 86% complete, compared to analyst estimates of 87%.

* 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.

MARKET NEWS

* The U.S. dollar fell and commodity currencies gained on Monday, as risk appetite increased on hopes of recovery from COVID-19 amid a blockbuster May U.S. jobs report last Friday.

* Oil fell more than 3% on Monday after OPEC+ nations agreed to extend output cuts, but Saudi Arabia and two other Gulf producers said they would not maintain supplemental reductions that amount to more than a million barrels of daily supply.

* The Nasdaq posted a record closing high on Monday, becoming the first of the major indexes to confirm a new bull market, while the S&P 500 ended in the positive territory.

Reporting by Colin Packham; Editing by Rashmi Aich

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