July 6, 2020 / 2:06 AM / a month ago

GRAINS-Soybeans hit 4-month high on hot, dry U.S. weather threat

SYDNEY, July 6 (Reuters) - U.S. soybeans rose 1% on Monday as concerns about hot and dry weather in a key U.S. growing region pushed prices to a more than a four-month high.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade hit their highest since March 5 at $9.06-3/4 a bushel and were last up 1% at $9.06-1/4 a bushel. Soybeans fell 0.3% in the previous session.

* The most active corn futures were up 1.6% at $3.59 a bushel by 0142 GMT, having closed down 1.9% in the previous session.

* The most active wheat futures were up 0.8% at $4.95-3/4 a bushel, having closed down 1.4% in the previous session.

* Corn across much of the U.S. Midwest is heading into its pollination stage, which is particularly sensitive to hot and dry weather.

* The U.S. Department of Agriculture last week reported 92 million acres of corn planted this spring, down from the agency’s March forecast of 97 million acres.

* For the week ended June 25, the agency reported export sales to China totalling 593,981 tonnes of new-crop soybeans and 19,149 tonnes of corn.

MARKET NEWS

* The dollar held steady against most currencies as investors awaited data expected to show the U.S. services sector stopped contracting, and highlighting the economic recovery from the coronavirus pandemic.

* Oil prices offered up a mixed market snapshot, with Brent crude edging higher, supported by tighter supplies, while U.S. benchmark WTI futures dropped on concern that a spike in coronavirus cases could curb oil demand in the United States. (Reporting by Colin Packham; Editing by Subhranshu Sahu)

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