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Soybeans hit over 4-year high on strong China demand

10/25/2020 | 08:43pm EST

SYDNEY, Oct 26 (Reuters) - U.S. soybean futures rose for a sixth consecutive session on Monday to a more than four-year high on the back of strong Chinese demand.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.5% at $10.88-3/4 a bushel by 0133 GMT, near the session high of $10.89 a bushel - the highest since July 2016. Soybeans firmed 0.9% on Friday.

* The most active corn futures were down 0.2% at $4.18-3/4 a bushel, having gained 0.7% in the previous session.

* The most active wheat futures were down 0.4% at $6.30-1/4 a bushel, having closed up 1.6% on Friday.

* Wheat has drawn support in recent days from dry weather in the key global producing regions.

* China's government is expected to issue more import quotas and buy millions of tonnes of additional corn in the new crop marketing year, three industry sources said, amid a surge in animal feed demand and tightening supplies.

* Chinese customs data released on Friday showed corn shipments for the first nine months of the year were close to its annual low-tariff quota volume for the first time on record.

MARKET NEWS

* The dollar found support on Monday, as surging coronavirus cases in Europe and the United States and a lack of progress toward a U.S. stimulus package put traders in a cautious mood.

* Oil prices fell on Monday, extending last week's losses, as a jump in COVID-19 infections in the United States and Europe raised alarms over crude demand, while the prospect of increased supply also hurt sentiment.

* Global shares got off to a cautious start on Monday as surging coronavirus cases in Europe and the United states threaten the economic outlook, even as growth in China provides some support to Asia.

(Reporting by Colin Packham; Editing by Aditya Soni)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 -1.19% 414.75 End-of-day quote.8.25%
LONDON BRENT OIL -0.94% 47.24 Delayed Quote.-27.86%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 0.23% 394 End-of-day quote.32.88%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 -1.08% 37.47 End-of-day quote.9.83%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -2.54% 565.5 End-of-day quote.3.85%
WTI -0.18% 44.065 Delayed Quote.-26.43%
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