* Soybeans firm on strong Chinese demand, corn slips * Chicago wheat futures gain for 4th consecutive session (Recasts with move in corn prices, details) By Naveen Thukral and Sybille de La Hamaide SINGAPORE/PARIS, Aug 28 (Reuters) - Chicago soybean prices extended gains on Friday while corn retreated slightly after a three-week surge on hopes for strong Chinese demand. Wheat was on track for a fourth consecutive session of gains, mainly buoyed by technical elements. The most-active soybeans contract on the Chicago Board Of Trade (CBOT) is up 4.5% this week, the biggest one-week percentage jump since September last year. It was trading 0.4% higher by 1042 GMT at 9.45-3/5 a bushel. Corn was down 0.2% at $3.57-3/4 a bushel but gained 5% for the week and more than 11% over the past three weeks. "The U.S. Department of Agriculture (USDA) reported a hefty three quarters of a million tonne sale destined for China... that sale is an important validation of higher prices," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. Wheat was up 0.1% to $5.51-1/2 a bushel, bringing the weekly gain to 3%. "From a technical point of view, the breach of the 200-day moving average in wheat was an incentive for the funds to increase their purchases," Agritel said. Private exporters reported sales of 747,000 tonnes of corn to China and 140,000 tonnes of corn to unknown destinations, the USDA said on Thursday. The agency said weekly export sales of wheat for shipment in the 2020/21 marketing year totalled 764,100 tonnes, topping forecasts that ranged from 400,000 tonnes to 700,000 tonnes. The European Union cut its duty on maize (corn) imports to zero on Thursday to take account of a rise in U.S. maize prices following a reduced forecast for the 2020/21 U.S. maize harvest, the European Commission said. The International Grains Council on Thursday raised its forecast for global corn production in the 2020/21 season by 2 million tonnes to a record 1.166 billion tonnes, reflecting an improved outlook for the U.S. crop. Meanwhile the European Commission cut its 2020/21 forecast for all cereals in the European Union's 27 countries. Commodity funds were net buyers of CBOT soybean, corn, wheat, soyoil and soymeal futures contracts on Thursday, traders said. Prices at 1042 GMT Last Change Pct End Ytd Move 2019 Pct Move CBOT wheat 551.50 0.75 0.14 558.75 -1.30 CBOT corn 357.75 -0.75 -0.21 387.75 -7.74 CBOT soy 945.75 3.75 0.40 955.50 -1.02 Paris wheat Dec 187.00 0.25 0.13 188.25 -0.66 Paris maize Nov 168.00 -0.50 -0.30 174.75 -3.86 Paris rape Nov 384.00 -0.50 -0.13 391.50 -1.92 WTI crude oil 43.01 -0.03 -0.07 61.06 -29.56 Euro/dlr 1.19 0.01 0.64 1.1210 6.13 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Naveen Thukral; Editing by Amy Caren Daniel and Susan Fenton)
© Copyright Thomson Reuters 2020. Click For Restrictions - http://about.reuters.com/fulllegal.asp
The Link LonkAugust 28, 2020 at 06:14PM
https://ift.tt/3hFPomu
GRAINS-Corn set for 3rd week of gains on Chinese demand; soybeans, wheat firm - Successful Farming
https://ift.tt/3gguREe
Corn
No comments:
Post a Comment