March 23, 2020 / 12:59 AM / 12 days ago

GRAINS-Soybeans hit 10-day high on Chinese purchases

SYDNEY, March 23 (Reuters) - U.S. soybeans scaled a 10-day peak on Monday on Chinese purchases of North American supplies, although gains were capped by demand worries due to the coronavirus pandemic.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.5% at $8.67 a bushel by 0040 GMT, near the session high of $8.71-1/2 bushel - the highest since March 13. Soybeans firmed 2.3% on Friday.

* The most active corn futures were down 0.7% at $3.41-1/2 a bushel, having closed down 0.5% in the previous session.

* The most active wheat futures were up 0.7% at $5.42-3/4 a bushel, having closed up 0.8% on Friday.

* The U.S. Department of Agriculture said that unknown buyers booked deals for 110,000 tonnes of U.S. soybeans. On Thursday, two trade sources with knowledge of the deal said that exporters sold soybeans to China.

* The spread of the coronavirus in South America has stoked worries about shipments of soymeal.

* U.S. sales of corn to China confirmed. The 756,000-tonne corn sale, announced on Friday morning, was China’s biggest purchase of U.S. corn since July 2013.

MARKET NEWS

* The dollar rose against major currencies on Monday as fresh declines in global stocks and worries about tightening liquidity amid the worsening coronavirus crisis accelerated the flight to cash.

* Oil prices fell more than $1 a barrel at the start of the trading session on Sunday, as more governments ordered lockdowns to curb the spread of the global coronavirus pandemic that has slashed the demand outlook for crude. (Reporting by Colin Packham; Editing by Aditya Soni)

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