March 11, 2019 / 2:48 AM / 9 days ago

GRAINS-Soybeans rise on Chinese buying, wheat up for 2nd session

    * Soybeans rise after dropping to lowest since mid-January
    * Wheat gains for 2nd session, poor U.S. exports weigh

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, March 11 (Reuters) - Chicago soybean futures rose
on Monday after dropping to their lowest since mid-January in
the previous session, with the market supported by China's
purchases of U.S. cargoes.
    Wheat rose for a second day, while corn gained after
declining for the last three sessions.
    The Chicago Board of Trade most-active soybean contract
 gained 0.3 percent to $8.98-1/4 a bushel by 0231 GMT
after, having dropped to its lowest since Jan. 16 at $8.92 a
bushel on Friday.
    Wheat rose 0.3 percent to $4.40-3/4 a bushel and corn
 added 0.8 percent to $3.67-1/4 a bushel.
    China bought 664,000 tonnes of U.S. soybeans, the U.S.
Agriculture Department said on Friday, confirming a sale that
marked the top oilseed buyer's first purchase of U.S. supplies
since promising to buy 10 million tonnes as part of trade talks.
    The agency, in its daily reporting system, cited private
exporters as saying the deal was for the 2018/19 marketing year,
which ends on Aug. 31.
    "We are seeing a bit of strength in soybeans today as there
is some support from China's latest purchases of U.S. beans but
the upside is capped by ample world supplies," said Phin
Ziebell, agribusiness economist, National Australia Bank.
    The USDA pegged Brazil's soybean crop at 116.5 million
tonnes, down from its February estimate of 117 million but above
an average of analyst estimates for 115.7 million. 
    Traffic on Brazil's key grain shipping highway BR-163,
linking the agriculture belt to northern ports, was totally
re-established by late on Thursday after being deemed
"unnavigable" earlier in the week, transport authority Dnit
said.
    The poor state of the road, parts of which are unpaved, had
led authorities to block traffic as emergency repairs were made.

    Large speculators increased their net short position in
Chicago Board of Trade corn futures in the week to March 5,
regulatory data released on Friday showed. 
    The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that noncommercial
traders, a category that includes hedge funds, increased their
net short position in CBOT wheat and increased their net short
position in soybeans.
    On Friday, corn futures came under pressure after the USDA
in a monthly report raised its forecast of U.S. corn stocks
remaining at the end of the 2018/19 marketing year to 1.835
billion bushels, topping the highest in a range of trade
expectations.
    The projected increase reflected a drop in the government's
estimate of U.S. corn exports to 2.375 billion bushels, down 75
million from the USDA's previous monthly report.
    The USDA cut its forecast of U.S. 2018/19 wheat exports and
raised its forecast of wheat ending stocks to 1.055 billion
bushels, from 1.010 billion last month.
    
 Grains prices at 0231 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  440.75  1.25     +0.28%   +0.57%       494.03  13
 CBOT corn   367.25  3.00     +0.82%   +0.55%       380.36  33
 CBOT soy    898.25  2.50     +0.28%   -0.47%       920.65  39
 CBOT rice   10.82   -$0.01   -0.05%   +0.23%       $10.58  60
 WTI crude   56.29   $0.22    +0.39%   -0.65%       $55.07  
 Currencies                                                 
 Euro/dlr    $1.123  -$0.001  -0.07%   +0.34%               
 USD/AUD     0.7033  -0.001   -0.17%   +0.29%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; editing by Richard Pullin)
  
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