You are here

GRAINS-Soybeans up for 2nd day, near 3-month high on U.S. weather risks

* Soybeans near 3-month high on forecasts of Midwest snowstorm * Wheat gains for 2nd session, at highest since early August (Adds details, quote) By Naveen Thukral Oct 9 (Reuters) - Chicago soybeans rose for a second session on Wednesday, trading near a three-month peak, as forecasts for a snowstorm in the U.S. Midwest growing region threatened supplies. Wheat gained more ground, climbing to its highest in two months although abundant world supplies kept a lid on prices. The most-active soybean contract on the Chicago Board Of Trade was up 0.2% at $9.22 a bushel by 0244 GMT, having firmed 0.6% on Tuesday when prices hit a July 19 high of 9.23-3/4 a bushel. Wheat added 0.2% at $5.01-1/4 a bushel, having climbed to its highest since Aug. 9 at $5.02-3/4 a bushel earlier in the day. Corn gave up 0.1% at $3.95-1/2 a bushel, having gained 2.3% in the previous session. Forecasts for a snowstorm in northern stretches of the U.S. Midwest added support to prices, as the wintry weather raises the prospect of crop-damage and further delays to an already slow harvest. "Harvest of both U.S. corn and soybeans is running behind the average pace which has left crops vulnerable to damage from adverse weather," said one Singapore-based trader. The storm was expected to drop between 6 and 12 inches of snow in major crop production states such as North Dakota, Minnesota and South Dakota, forecaster Commodity Weather Group said. In its weekly crop update on Monday afternoon, the U.S. Agriculture Department (USDA) said 15% of the corn crop and 14% of the soybean crop had been harvested as of Oct. 6, well behind the average pace. Wheat exporters from the Black Sea region continued to offer stiff competition in the international market. Egypt's state grain buyer has bought 295,000 tonnes of Russian and Ukrainian wheat in an international purchasing tender, it said on Tuesday. Elsewhere, recent rain has brought relief to parched western European grain belts and improved conditions for cereal sowing and for earlier-sown rapeseed crops, analysts and traders said. Commodity funds were net buyers of CBOT corn, wheat, soybean and soymeal futures contracts on Tuesday and net sellers of soyoil, traders said. Estimates for net fund buying in corn varied widely, from 16,000 contracts to 40,000 contracts. Grains prices at 0244 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 501.25 1.00 +0.20% +2.19% 481.15 68 CBOT corn 395.50 -0.25 -0.06% +2.79% 372.37 71 CBOT soy 922.00 1.50 +0.16% +0.63% 887.55 71 CBOT rice 11.90 $0.06 +0.51% +2.06% $11.98 53 WTI crude 52.46 -$0.17 -0.32% -0.55% $55.88 Currencies Euro/dlr $1.096 $0.001 +0.08% -0.06% USD/AUD 0.6741 0.001 +0.19% +0.15% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Aditya Soni)

© Copyright Thomson Reuters 2019. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about

Tip of the Day

Farmer-Built Tough Trough

one tough trough My new troughs are made of 36-inch drain pipe cut in half. The one in the barn is installed with 6-inch wood screws, flat washers, and... read more

Talk in Marketing