CHICAGO, Oct 22 (Reuters) - Chicago Board of Trade soybean
futures firmed on Thursday, hitting their highest in more than
four years, with traders citing gains in the cash market and
strong export demand for U.S. supplies as supportive factors.
A fast export pace also underpinned the corn market while
wheat futures eased on technical selling after hitting their
highest in nearly six years on Tuesday.
The most-active soybean futures contract peaked at
$10.85-1/4 a bushel, its highest since July 14, 2016, but ended
well off that peak after trading both sides of unchanged ahead
of the close.
"The U.S. Agriculture Department came out with a fairly
strong export sales report that heavily favored China digging
into several of the commodity markets," said Terry Reilly,
senior analyst with Futures International in Chicago.
The USDA report showed that weekly soybean export sales
totaled 2.226 million tonnes, including 1.222 million tonnes
destined for China.
Weekly export sales of corn totaled 1.832 million tonnes, up
from 655,165 tonnes last week. China accounted for 433,500
tonnes of the total.
Chicago Board of Trade November soybean futures
settled up 1-3/4 cents at $10.73-3/4 a bushel.
Private exporters reported the sale of 152,404 tonnes of
soybeans to Mexico and 132,000 tonnes of soybeans to unknown
destinations, the USDA said on Thursday morning.
CBOT December corn was 2-1/2 cents higher at $4.16-1/4
a bushel. On a continuous basis, the most-active corn contract
hit its highest since Aug. 9, 2019.
CBOT December wheat futures were 7 cents lower at
$6.22-3/4 a bushel, closing near session lows.
"Wheat was down all day, pushed lower on carry through from
yesterday's liquidation," Charlie Sernatinger, global head of
grain futures at ED&F Man Capital, said in a note to clients.
(Additional reporting by Colin Packham in Sydney and Maytaal
Angel in London; Editing by Susan Fenton, David Gregorio and