(Recasts with U.S. trading, updates prices, adds new analyst
quote, changes byline/dateline; pvs SINGAPORE/PARIS)
CHICAGO, Jan 14 (Reuters) - U.S. soybean futures rose 1.5%
on Thursday, underpinned by the strong demand highlighted in the
U.S. Agriculture Department's monthly supply and demand report
on Tuesday, traders said.
Corn and wheat futures also were firm, recovering from
overnight weakness with the market focused on tight supplies.
Corn received a further boost after the U.S. Environmental
Protection Agency said it would not rule on the key issue of
exempting some oil refineries from biofuel blending laws.
All three commodities remained below the multi-year highs
hit earlier this week.
The gains in soybeans were spurred by stronger-than-expected
weekly export sales and analysts' expectations that a trade
group report on Friday would show a massive pace of crushing in
the United States.
"There has been no let-up in crush, no let-up in export
demand," said Greg Grow, director of agribusiness at Archer
Financial Services in Chicago. "All systems are still go."
At 10:57 a.m. CST (1657 GMT), Chicago Board of Trade March
soybean futures were up 21-1/4 cents at $14.27-1/2 a
USDA said weekly soybean export sales totalled 1.234 million
tonnes, topping market forecasts that ranged from 400,000 to 1.2
The U.S. soybean crush likely rose in December to the
second-highest level on record for any month, capping the
busiest year of processing ever for the industry, according to
analysts polled ahead of a National Oilseed Processors
Association (NOPA) report due on Friday.
China's soybean imports hit a record high in 2020, customs
CBOT March corn futures gained 8 cents to $5.32-1/2 a
"The USDA's cut to corn crop yield estimates in Tuesday's
report is still ringing in market ears," said Tobin Gorey,
director of agricultural strategy at the Commonwealth Bank of
CBOT March wheat futures were 12-1/4 cents higher at
$6.72-3/4 a bushel.
(Additional reporting by Naveen Thukral and Sybille de La
Hamaide; Editing by Sherry Jacob-Phillips, David Evans and