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GRAINS-Corn, soy rebound from 2-week lows on U.S. exports
November 20, 2014 / 12:21 PM / 3 years ago

GRAINS-Corn, soy rebound from 2-week lows on U.S. exports

(Updates U.S. market activity to close)
    By Michael Hirtzer
    CHICAGO, Nov 20 (Reuters) - U.S. corn and soybean futures
jumped as much as 2 percent on Thursday, rebounding from
two-week lows reached in the previous session, in a rally tied
to technical buying and renewed export demand for the crops.
    Chicago Board of Trade corn rose for the first time in five
sessions, while soybeans snapped a two-session streak of losses.
Futures extended gains after the U.S. Agriculture Department
said exporters sold more than 100,000 tonnes of each crop to
unknown destinations. 
    The USDA release followed an earlier announcement of corn
export sales last week of 908,700 tonnes, the largest in a month
and above the high end of analysts' expectations. 
    "The export sales were a good number on corn - a net-plus
because everyone has been talking down the exports in the corn
market," said Agrivisor LLC analyst Dale Durchholz.
    The drop in corn and soybean futures to two-week lows
chilled sales from farmers who had nearly finished harvests of
record-large U.S. crops. The slow pace of farmer sales forced
buyers to increase bids, further supporting futures, Durchholz
    CBOT December corn was up 10 cents at $3.72-3/4 per
bushel, a rise of 2.75 percent and the largest daily gain of the
month. Soybeans for January delivery climbed 15-3/4 cents
to $10.20 per bushel.
    CBOT December wheat was up 9-1/2 cents, or 1.8
percent, at $5.47-1/4 while K.C. December hard red winter wheat
 was up 2.7 percent at $6.02-3/4.
    HRW was leading gains in the wheat complex after Saudi
Arabia, which favors that variety, announced a tender seeking
330,000 tonnes and closing on Friday. 
    Top wheat importer Egypt earlier said that it purchased
60,000 tonnes of soft wheat from France. 
                        Last   Pct Change  Net Change  Pvs Close
 CORN DEC4            372.75         2.75          10     363.25
 SOYBEANS JAN5          1020         1.57       15.75    1004.75
 SOY MEAL DEC4         371.1         0.11         0.4      370.4
 SOYBEAN OIL DEC4      32.67         0.49        0.16      32.51
 WHEAT SRW DEC4       547.25         1.77         9.5     537.75
 ROUGH RICE JAN5       12.58         1.41       0.175     12.405
 M.WHEAT EUR MAR5     177.75         1.43         2.5     175.25
 LIGHT CRUDE JAN5      76.37         2.51        1.87       74.5
 DJ INDU AVERAGE       17719         0.19       33.27   17685.73
 BALTIC EXCH DRY        1332         1.99          26       1306
 US DOLLAR INDEX      87.669         0.03       0.022     87.647
 (Additional reporting by Gus Trompiz in Paris and Naveen
Thukral in Singapore; Editing by Lisa Von Ahn and Grant McCool)

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