Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Soybean extends gains on U.S. supply concerns

share with twitter share with LinkedIn share with facebook
07/15/2020 | 01:00am EDT

* Concern over condition of U.S. soybeans

* Corn firm on Chinese demand

* Wheat extends gains into second straight session

SYDNEY, July 15 (Reuters) - U.S. soybeans edged higher for a second consecutive session on Wednesday, as concerns about the condition of crops in the United States dented expectations of ample global supplies.

Corn edged higher due to strong Chinese demand, while wheat rose nearly 0.5%.

The most active soybean futures on the Chicago Board Of Trade were up 0.3% at $8.79-3/4 a bushel by 0439 GMT, having firmed 0.3% on Tuesday.

Analysts said the deterioration of U.S. crops had pushed up prices; gains which were then cemented by recent demand from China.

"The USDA reported more export sales to China. While the sale's scale was routine, it does mean that the higher prices that prevailed last week were not discouraging buyers in China," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

The U.S. Department of Agriculture rated 68% of the U.S. soybean crop as good to excellent, also down from 71% previously. Analysts on average had expected smaller declines.

China also booked deals to buy 129,000 tonnes of soybeans in the 2020/21 marketing year.

The most active wheat futures were up 0.4% at $5.29 a bushel after a 0.4% gain in the previous session.

The most active corn futures were up 0.1% at $3.34-1/2 a bushel, having closed down 0.8% in the previous session.

Analysts said corn was drawing support from increased demand and signs of recent crop damage in the United States.

On Tuesday, the USDA said China booked its biggest single-day purchase of U.S. corn on record, buying 1.762 million tonnes.

The USDA also rated 69% of the U.S. corn crop as good to excellent, down from 71% last week. (Reporting by Colin Packham; Editing by Shailesh Kuber)

Stocks mentioned in the article
ChangeLast1st jan.
COMMONWEALTH BANK OF AUSTRALIA -0.93% 71.76 End-of-day quote.-10.19%
CORN FUTURES (C) - CBR (FLOOR)/C1 -0.23% 324.5 End-of-day quote.-16.12%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -0.14% 289.7 End-of-day quote.-5.90%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 -0.22% 31.53 End-of-day quote.-8.38%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 0.65% 500 End-of-day quote.-11.10%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
05:52pU.S. prosecutors probe ex-NASA official, Boeing over space contract - sources
RE
05:37pUtilities Down As Investors Respond To Higher Treasury Yields -- Utilities Roundup
DJ
05:35pCalifornia posts final regulations under landmark digital privacy law impacting consumers, businesses
RE
05:35pCommunications Services Flat As Investors Hedge On Stimulus Prospects -- Communications Services Roundup
DJ
05:34pTech Ticks Down As Valuation Concerns Linger -- Tech Roundup
DJ
05:31pIsrael-UAE deal could open up U.S. weapons sales to Gulf kingdom, experts say
RE
05:23pIMF INTERNATIONAL MONETARY FUND : Reaches a Staff-Level Agreement with the Islamic Republic of Afghanistan on an Extended Credit Facility Arrangement sitecoreitem
PU
05:18pU.S. oil producer Hess cutting about 10% of workforce -sources
RE
05:18pFinancials Up As Treasury Yields Hold Near Recent Highs -- Financials Roundup
DJ
05:17pConsumer Cos Flat After Strong Retail Sales Data -- Consumer Roundup
DJ
Latest news "Economy & Forex"