November 16, 2017 / 2:13 AM / 4 months ago

GRAINS-Soybeans up for 2nd day on strong demand, wheat rebounds

    Nov 16 (Reuters) - Chicago soybean futures rose for a second
session on Thursday with prices underpinned by strong demand
from U.S. processors and expectations of higher imports by top
buyer China.
    Wheat bounced back after suffering its biggest one-day
decline since early September in the previous session, while
corn was little changed.
    * U.S. soybean processors accelerated their crush pace in
October to the fifth highest on record and second highest ever
for the month, the National Oilseed Processors Association said
on Wednesday.
    * NOPA said that its members crushed 164.242 million bushels
of soybeans in October, up from 136.419 million bushels in
September. The October crush last year was 164.641 million
bushels, which was the highest ever for the month.
    * Typically, soybean futures climb after the U.S. harvest
ends and farmer selling slows down. The U.S. Department of
Agriculture late on Monday said the soybean harvest was 93
percent finished.
    * There was additional support for soybeans stemming from
expectations of strong demand from China, which buys more than
60 percent of soybeans traded across the globe.
    * China will import 100 million tonnes of soybeans in
2017/18, a senior executive at COFCO Corp forecast on Wednesday,
topping official U.S. and Chinese estimates for intake by the
world's top importer of the oilseed.
    * U.S. soybean processors last month squeezed the lowest
amount of soyoil from each bushel of beans in two years,
according to an industry report on Wednesday, raising concern
about the 2017 soy crop's overall oil content.
    * Less oil per bushel of beans would mean tighter supplies
and higher prices for the vegetable oil used by food and biofuel
producers, but could bolster margins for processors.
    * Commodity funds were net buyers of Chicago Board of Trade
soybean, soyoil, corn and soymeal futures contracts on
Wednesday, and net sellers of wheat, traders said.
    * In the wheat market the focus is on Egypt which set a
tender on Wednesday to buy an unspecified amount of wheat from
global suppliers for shipment from Jan. 1-10.
    * Egypt, the world's biggest wheat importer, has been buying
mainly from the Black Sea region.
    * Asian shares got off to a cautious start on Thursday after
Wall Street stumbled despite upbeat U.S. economic news and the
Treasury yield curve hit its flattest in a decade as investors
priced in more U.S. rate hikes.
    DATA (GMT)
0930  U.K.         Retail sales                         Oct
1000  Euro Zone    Consumer prices (revised)            Oct
1330  U.S.         Philadelphia FED business conditions Nov 
1415  U.S.         Industrial output                    Oct

 Grains prices at  0154 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  421.25  1.25     +0.30%   -1.58%       429.97  40
 CBOT corn   338.25  0.00     +0.00%   +0.22%       347.33  29
 CBOT soy    977.00  0.75     +0.08%   +0.96%       987.67  52
 CBOT rice   12.08   -$0.01   -0.04%   +5.09%       $11.92  79
 WTI crude   55.34   $0.01    +0.02%   -0.65%       $53.54  49
 Euro/dlr    $1.179  -$0.001  -0.05%   -0.09%               
 USD/AUD     0.7594  0.001    +0.09%   -0.46%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Naveen Thukral; editing by Richard Pullin
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