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Soybean extends gains on U.S. supply concerns

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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%
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