October 10, 2019 / 3:20 AM / a month ago

GRAINS-Soybeans near 3-month top, Chinese buying supports prices

    * Chicago soybean futures rise for a third consecutive
    * China's plans to buy U.S. beans, adverse Midwest weather

 (Adds details, quote)
    By Naveen Thukral
    Oct 10 (Reuters) - Chicago soybean futures ticked higher on
Thursday, trading below a near three-month high hit in the
previous session, as  expectations of Chinese buying of U.S.
supplies supported the market. 
    Wheat edged higher, while corn lost ground for a second
straight session in positioning ahead of a U.S. Department of
Agriculture (USDA) report on global supplies and demand later in
the day. 
    The most-active soybean contract on the Chicago Board Of
Trade (CBOT) added 0.1% at $9.24-1/4 a bushel by 0248 GMT,
having climbed to its highest since July 15 at 9.31-1/2 a bushel
on Wednesday. 
    Wheat added 0.1% to $5.00-3/4 a bushel and corn
gave up 0.1% to $3.93-3/4 a bushel.
    "U.S.-China trade talks and Chinese buying of U.S. beans are
in focus although expectations for the talks are pretty low,"
said Phin Ziebell, agribusiness economist, National Australia
    The soybean market is finding support after the Financial
Times reported that the team of China's lead trade negotiator
had offered to boost annual purchases of soybeans to 30 million
tonnes from 20 million at present, as the two countries seek to
resolve their trade dispute.
    Vice Premier Liu He, China's top trade negotiator, is
scheduled to travel to Washington for the next round of trade
talks on Oct. 10-11.
    The market is monitoring a winter storm brewing in the
northern U.S. Plains and Rocky Mountains that is expected to
bring freezing temperatures late this week into the Dakotas,
Nebraska and portions of Minnesota and Iowa. The storm could
potentially damage corn and soybean crops.
    Ahead of the USDA's monthly supply/demand reports, analysts
surveyed by Reuters on average expected the government to lower
its estimates of U.S. 2019/20 yield, production and ending
stocks for both corn and soybeans.
    Commodity funds were net sellers of CBOT corn, soyoil and
wheat futures contracts on Wednesday and net buyers of soybeans
and soymeal, traders said.
 Grains prices at 0248 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  500.75  0.50    +0.10%   +2.35%       481.92  70
 CBOT corn   393.75  -0.50   -0.13%   +1.74%       373.29  67
 CBOT soy    924.25  0.50    +0.05%   +0.98%       889.67  74
 CBOT rice   12.02   $0.01   +0.12%   +3.22%       $12.00  60
 WTI crude   52.47   -$0.12  -0.23%   -0.30%       $55.77  
 Euro/dlr    $1.099  $0.004  +0.32%   +0.17%               
 USD/AUD     0.6743  0.002   +0.22%   +0.18%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; editing by Uttaresh.V and
Subhranshu Sahu)
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