December 9, 2013 / 4:39 AM / 7 years ago

GRAINS-Wheat firms as cold weather threatens crop

* Wheat up more than 0.5 percent on U.S. weather threat
    * Soybeans firm despite South American crop expectations
    * USDA to issue latest world supply and demand forecast

    By Colin Packham
    SYDNEY, Dec 9 (Reuters) - U.S. wheat futures rose for the
first time in four sessions on Monday, rebounding from a
three-month low touched in the previous session, as cold weather
across the Midwest threatens the winter crop.
    Soybeans firmed for the first time in three sessions on
continued strong export demand, while corn also rose,
underpinned by the strength in wheat.
    Chicago Board of Trade March wheat futures rose 0.65
percent to $6.55-1/4, having closed down 0.15 percent on Friday.
The grain hit a low of $6.49-1/4 a bushel in the previous
session, equal to a mark hit on Sept. 16.
    "I think wheat is being supported by the very cold
temperatures in the U.S., which could damage the crop as well as
logistics," said Vanessa Tan, investment analyst at Phillip
Futures in Singapore.
    Cold temperatures and snow blanketed portions of the U.S.
Plains and southern Midwest over the weekend, threatening some
winter wheat, analysts said.
    Analysts said wheat was also drawing support from bargain
buying after the grain came under sustained pressure last week
from larger global production. 
    Wheat fell more than 2.5 percent last week, the biggest
weekly slide in a month.
    January soybeans rose 0.43 percent to $13.31-1/4 a
bushel, having closed down 0.19 percent on Friday.
    China, the world's largest soy buyer, imported 6.03 million
tonnes of soybeans in November, up 43.9 percent from 4.19
million tonnes in October, figures from the General
Administration of Customs of China showed. 
    Private exporters reported the sale of 384,150 tonnes of
U.S. soybeans to unknown destinations, including 189,150 tonnes
for delivery this marketing year and 195,000 tonnes for 2014/15
delivery, the Agriculture Department said on Friday.
    The strong demand for U.S. stocks comes ahead of the latest
U.S. Department of Agriculture World Agricultural Supply and
Demand Estimates report, to be issued at 1700 GMT on Tuesday.
The report is expected to raise forecasts for both Argentina and
Brazil soy crops. 
    March corn rose 0.29 percent to $4.35-1/2 a bushel,
having closed up 0.17 percent on Friday.   
  Grains prices at  0405 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     655.25     4.25  +0.65%    +0.50%     661.47   29
  CBOT corn      435.50     1.25  +0.29%    +0.46%     432.29   59
  CBOT soy      1331.25     5.75  +0.43%    +0.24%    1296.03   63
  CBOT rice      $15.55    $0.00  +0.00%    -0.70%     $15.62   34
  WTI crude      $97.83    $0.18  +0.18%    +0.18%     $94.92   71
  Euro/dlr       $1.370   $0.000  -0.01%    +0.26%
  USD/AUD         0.911    0.001  +0.09%    +0.51%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 (Editing by Tom Hogue)
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