July 15, 2020 / 2:59 AM / 21 days ago

GRAINS-Soybeans extend gains on worries over U.S. crop condition

SYDNEY, July 15 (Reuters) - U.S. soybean futures rose for a second consecutive session on Wednesday, as concerns about the condition of crops in the United States outweighed impact from forecasts of ample global supplies.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.3% at $8.80-1/2 a bushel by 0235 GMT, having firmed 0.3% on Tuesday.

* The most active corn futures were up 0.1% at $3.34-1/2 a bushel, having closed down 0.8% in the previous session.

* The most active wheat futures were up 0.4% at $5.29 a bushel after a 0.4% gain in the previous session.

* China booked its biggest single-day purchase on record of U.S. corn on Tuesday, buying 1.762 million tonnes.

* The deal followed a 1.365 million-tonne corn sale to China announced on July 10.

* The U.S. Department of Agriculture on Monday rated 69% of the U.S. corn crop as good to excellent, down from 71% last week.

* It rated 68% of the U.S. soybean crop as good to excellent, also down from 71% previously. Analysts on average had expected smaller declines.

MARKET NEWS

* The euro rose to a four-month high against the dollar on hopes European Union leaders may agree on stimulus and deepening fiscal integration to shield the economy from the pandemic.

* Oil prices rose after a sharp drop in U.S. crude inventories, with the market waiting for more direction from a meeting later in the day on the future level of production by OPEC and its allies.

* Asian shares jumped as optimism about a coronavirus vaccine bolstered risk appetite while the euro rose to a four-month top on the prospect of stimulus ahead of a crucial EU summit.

Reporting by Colin Packham; Editing by Subhranshu Sahu

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