October 9, 2019 / 3:13 AM / 2 months ago

GRAINS-Soybeans up for 2nd day, near 3-month high on U.S. weather risks

    * Soybeans near 3-month high on forecasts of Midwest
snowstorm
    * Wheat gains for 2nd session, at highest since early August

 (Adds details, quote)
    By Naveen Thukral
    Oct 9 (Reuters) - Chicago soybeans rose for a second session
on Wednesday, trading near a three-month peak, as forecasts for
a snowstorm in the U.S. Midwest growing region threatened
supplies.
    Wheat gained more ground, climbing to its highest in two
months although abundant world supplies kept a lid on prices.
    The most-active soybean contract on the Chicago Board Of
Trade was up 0.2% at $9.22 a bushel by 0244 GMT, having
firmed 0.6% on Tuesday when prices hit a July 19 high of
9.23-3/4 a bushel. 
    Wheat added 0.2% at $5.01-1/4 a bushel, having climbed
to its highest since Aug. 9 at $5.02-3/4 a bushel earlier in the
day. Corn gave up 0.1% at $3.95-1/2 a bushel, having
gained 2.3% in the previous session.
    Forecasts for a snowstorm in northern stretches of the U.S.
Midwest added support to prices, as the wintry weather raises
the prospect of crop-damage and further delays to an already
slow harvest.
    "Harvest of both U.S. corn and soybeans is running behind
the average pace which has left crops vulnerable to damage from
adverse weather," said one Singapore-based trader.
    The storm was expected to drop between 6 and 12 inches of
snow in major crop production states such as North Dakota,
Minnesota and South Dakota, forecaster Commodity Weather Group
said.
    In its weekly crop update on Monday afternoon, the U.S.
Agriculture Department (USDA) said 15% of the corn crop and 14%
of the soybean crop had been harvested as of Oct. 6, well behind
the average pace.
    Wheat exporters from the Black Sea region continued to offer
stiff competition in the international market. 
    Egypt's state grain buyer has bought 295,000 tonnes of
Russian and Ukrainian wheat in an international purchasing
tender, it said on Tuesday.
    Elsewhere, recent rain has brought relief to parched western
European grain belts and improved conditions for cereal sowing
and for earlier-sown rapeseed crops, analysts and traders said.

    Commodity funds were net buyers of CBOT corn, wheat, soybean
and soymeal futures contracts on Tuesday and net sellers of
soyoil, traders said. 
    Estimates for net fund buying in corn varied widely, from
16,000 contracts to 40,000 contracts.
    
 Grains prices at 0244 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  501.25  1.00    +0.20%   +2.19%       481.15  68
 CBOT corn   395.50  -0.25   -0.06%   +2.79%       372.37  71
 CBOT soy    922.00  1.50    +0.16%   +0.63%       887.55  71
 CBOT rice   11.90   $0.06   +0.51%   +2.06%       $11.98  53
 WTI crude   52.46   -$0.17  -0.32%   -0.55%       $55.88  
 Currencies                                                
 Euro/dlr    $1.096  $0.001  +0.08%   -0.06%               
 USD/AUD     0.6741  0.001   +0.19%   +0.15%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
         

 (Reporting by Naveen Thukral; Editing by Aditya Soni)
  
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