(New throughout, updates prices, market activity and comments
to include U.S. trading; new byline, changes dateline, pvs
CHICAGO, Oct 22 (Reuters) - Chicago Board of Trade soybean
futures rallied on Thursday to their highest in more than four
years, traders said, citing gains in the cash market and strong
export demand for U.S. supplies.
A fast export pace also supported 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.
"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, 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.
At 10:57 a.m. CDT (1557 GMT), Chicago Board of Trade
November soybean futures were up 6-1/4 cents at $10.78-1/4 a
Private exporters reported the sale of 152,404 tonnes of
soybeans to Mexico and 132,000 tonnes of soybeans to unknown
destinations, the U.S. Agriculture Department said on Thursday
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 5 cents lower at
$6.24-3/4 a bushel.
The wheat market also faced pressure from an improving rain
outlook, although concerns remained about the parched soils in
key production areas.
"Weather forecasters can see a little rain forming for dry
Black Sea and U.S. grain regions at limits of the projection
horizon," said Tobin Gorey, director of agricultural strategy,
Commonwealth Bank of Australia.
(Additional reporting by Colin Packham in Sydney and Maytaal
Angel in London; Editing by Susan Fenton and David Gregorio)