June 3, 2020 / 12:48 AM / a month ago

GRAINS-Soybeans up for 2nd session on Chinese demand, corn eases

SINGAPORE, June 3 (Reuters) - Chicago soybeans rose for a second session on Wednesday with prices supported by strong demand from the world’s top importer China.

Wheat gained ground, while corn slid.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board Of Trade added 0.2% to $8.52-1/4 a bushel by 0032 GMT, after climbing to a three-week high at $8.56 a bushel in the last session.

* Wheat rose 0.2% to $5.09 a bushel, while corn lost 0.2% at $3.23-1/2 a bushel.

* State-owned Chinese firms bought at least three cargoes of U.S. soybeans on Monday, even as sources in China said the government had told them to halt purchases after Washington said it would eliminate special treatment for Hong Kong to punish Beijing.

* The purchases, totalling at least 180,000 tonnes of the oilseed, were for shipment in October or November, the peak U.S. soy export season when American soybeans are usually the cheapest in the world, three U.S. traders with knowledge of the deals said.

* On Tuesday, wheat weakened on favourable U.S. weather and recent rain in the Black Sea region and Europe, which has helped stabilize crops, analysts said.

* Ukrainian ProAgro agriculture consultancy on Tuesday revised up its forecast for the country’s 2020 grain harvest to 74.43 million tonnes from the previous outlook of 72.52 million tonnes due to better weather.

MARKET NEWS

* Asian stocks were poised to follow the global rally on Wednesday as hopes of more government stimulus bolstered riskier assets and overshadowed a host of other worries from the coronavirus to Hong Kong and growing U.S. civil unrest.

DATA/EVENTS (GMT) 0130 Australia Real GDP QQ, YY SA Q1 0145 China Caixin Services PMI May 0500 India IHS Markit Svcs PMI May 0750 France Markit Serv, Comp PMIs May 0755 Germany Markit Services PMI May 0755 Germany Markit Comp Final PMI May 0755 Germany Unemployment Chng, Rate SA May 0800 EU Markit Serv, Comp Final PMIs May 0830 UK Reserve Assets Total June 0900 EU Unemployment Rate April 1345 US Markit Serv, Comp Final PMIs May 1400 US Factory Orders MM April 1400 US ISM N-Mfg PMI May (Reporting by Naveen Thukral; Editing by Shailesh Kuber)

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