Chicago soybeans rose on Wednesday as strong demand, especially from top importer China, outweighed prospects for a massive US soybean harvest this year.
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(Recasts, updates with closing prices, adds details throughout) By Mark Weinraub CHICAGO, Aug 16 (Reuters) – U.S. wheat futures firmed on Tuesday, with a falling dollar spurring a mild round of short-covering in the beaten-down market, traders said. Rain in eastern parts of the U.S. Midwest bolstered already robust harvest expectations.
CBOT September wheat futures were flat at $4.27 a bushel while deferred contracts posted modest gains.
The contract found technical support from early weakness at its 10-day moving average, pushing prices back toward Wednesday’s close.
Chicago Board of Trade (CBOT) grains futures finished higher Wednesday with Soybean futures rising to their highest in almost 4 weeks on strong demand from China, the world’s top buyer of Soy Oil seed. November soybeans fell 2 cents, or 0.2 percent, to 10.0725 dollars per bushel.
Traders said a strong export outlook keys buying in futures.
This year’s abundant hard red winter wheat crop, slow export demand and ample supplies of low-priced feed grains available to compete with wheat for livestock feeding have combined to pull Kansas wheat prices lower this summer.
Corn was consolidating after a four-session rally that had seen the cereal recover from a seven-year lows.
At mid-session, the Sep. corn futures are 2 1/2¢ higher at $3.34, while December futures are 1 3/4¢ higher at $3.43 per bushel.
Wheat sales slip but match forecasts.
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Also on Thursday, USDA announced a daily sale of 4.0 million bushels of new-crop corn to unknown destinations.
