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

Wheat eases from three-month peak, export talk limits losses

share with twitter share with LinkedIn share with facebook
07/16/2020 | 12:23am EDT

* Unconfirmed reports say China has purchased U.S. wheat

* Soybeans rally as USDA confirms Chinese purchases

* Corn rallies nearly 1% on strong demand, supply concerns

SYDNEY, July 16 (Reuters) - U.S. wheat futures on Thursday eased from a near three-month high touched in the previous session, as traders locked in profits, though reports that China stepped up purchases of U.S. supplies limited losses.

Corn rose nearly 1%, while soybeans climbed nearly 0.5% on the back of strong Chinese demand.

The most-active wheat futures on the Chicago Board Of Trade were down 0.1% at $5.50-1/2 a bushel after gaining 4.6% in the previous session, when prices hit an April 23 high of $5.52 a bushel.

Traders said unconfirmed reports of Chinese purchases were driving the gains.

"China buying U.S. wheat has been the catalyst," said a Melbourne-based grain trader. He declined to be named as he was not authorised to talk to the media.

The most-active soybean futures were up 0.4% at $8.86 a bushel, having closed 0.6% firmer on Wednesday.

Private buyers booked at least five cargoes of U.S. soybeans on Wednesday, or at least 300,000 tonnes, for shipment mostly in October and November from Gulf Coast and Pacific Northwest ports, two U.S. export traders with knowledge of the deals said.

The National Oilseed Processors Association said its members crushed 167.3 million bushels of soybeans last month, topping the range of trade estimates.

The most-active corn futures rose 0.8% to $3.28-3/4 a bushel, after closing little changed in the previous session.

Earlier this week, China booked its biggest single-day purchase on record of U.S. corn on Tuesday, buying 1.762 million tonnes.

The latest deals came despite concerns that the biggest buyer of American agricultural goods would slow its import pace after U.S. President Donald Trump signed an executive order ending preferential economic treatment for Hong Kong.

The increased demand also comes amid concerns about the state of corn crops in the United States.

The U.S. Department of Agriculture on Monday rated 69% of the U.S. corn crop as 'good-to-excellent', down from 71% last week. (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)

Stocks mentioned in the article
ChangeLast1st jan.
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"