September 5, 2017 / 3:41 AM / 9 months ago

GRAINS-Soybeans near one-month high, wheat rises for third session

    * Soybeans underpinned by strong demand for soyoil, exports
    * Firm Black Sea wheat prices support Chicago futures

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Sept 5 (Reuters) - Chicago soybeans rose for a
third consecutive session on Tuesday with prices climbing to a
the highest in almost a month as expectations of strong demand
underpinned the market.
    Wheat gained more ground as firm prices in the Black Sea
region, a rival exporter to the United States, boosted U.S.
export prospects.
    The Chicago Board of Trade most-active soybean contract
 rose 0.6 percent to $9.55 a bushel by 0256 GMT. That was
near the session-high of $9.56-3/4 a bushel, the strongest since
Aug. 10.
    Wheat gained 0.5 percent to $4.40-3/4 a bushel, after
ending up almost 1 percent on Friday and corn added 0.4
percent to $3.56-1/2 a bushel, having closed down 0.7 percent in
the previous session.
    U.S. markets were closed on Monday for the Labor Day public
    Soybeans were supported by a fall in U.S. soyoil supplies
and expectations for stronger export demand. 
    In addition, there are expectations of increased demand from
the soy-based biodiesel sector after the U.S. government in
August slapped tariffs on imports of Argentine biodiesel.

    "Now that U.S. soybean crop has nearly been made, the market
is going to be focused on demand side," said one India-based
agricultural commodities analyst.
    "Bearish news has been priced in and it looks positive on
the demand front."
    In the wheat market, Russian export prices fell for a fifth
consecutive week, under pressure from a large new crop, but
their decline was limited by a strengthening rouble against the
dollar, analysts said on Monday.
    Black Sea prices for Russian wheat with 12.5 percent protein
content and September delivery were at $179.50 a tonne on a
free-on-board basis at the end of last week, down 50 cents from
the week earlier, IKAR agriculture consultancy said in a note.

    "Black Sea wheat prices are holding up well because of
strong currencies and this has made U.S. wheat more
competitive," IKAR said.
    Corn prices came come under pressure on Friday as confidence
grows that U.S. output will be larger than previously expected. 
    Private analytics firm Informa Economics on Friday raised
its estimate of the U.S. 2017 corn yield to 169.2 bushels per
acre (bpa), up from 165.9 bpa a month ago, three trade sources
    Informa also increased its U.S. 2017 soybean yield estimate
to 49.4 bpa, from 47.3 bpa last month. The firm estimated
soybean production at 4.384 billion bushels and corn production
at 14.123 billion bushels.

 Grains prices at  0256 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  440.75  2.00    +0.46%   +1.44%       462.39  64
 CBOT corn   356.50  1.25    +0.35%   -0.35%       369.67  45
 CBOT soy    955.00  5.50    +0.58%   +1.03%       957.05  61
 CBOT rice   12.90   -$0.04  -0.35%   +0.58%       $12.62  75
 WTI crude   47.42   $0.13   +0.27%   +0.40%       $48.19  51
 Euro/dlr    $1.191  $0.001  +0.09%   +0.41%               
 USD/AUD     0.7967  0.003   +0.31%   +0.00%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; Editing by Christian
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