GRAINS-US corn, wheat firm; soybeans mixed ahead of government report
CHICAGO, Aug 10 (Reuters) – Chicago Board of Trade corn and wheat futures firmed on Thursday, with traders unwinding bearish bets ahead of a key U.S. government report on supply and demand on Friday.
The soybean market was mixed, with thinly traded old-crop contracts easing and new-crop contracts firming as investors adjusted positions ahead of the report that traders were watching for the latest U.S. harvest estimates.
Traders also noted some bargain buying in soybeans and corn as those markets recovered from multi-week lows hit earlier this week after rain and mild temperatures boosted growing conditions in the U.S. Midwest.
The U.S. Agriculture Department said early Thursday that export sales of soybeans totaled 1.503 million metric tons in the week ended Aug. 3. Analysts had predicted a weekly total between 300,000 and 1.8 million metric tons.
China, the top buyer of the oilseed, accounted for 767,800 metric tons, reflecting a recent string of deals.
“I think China is going to continue to be a consistent player here on the export side of it,” said Jason Britt, president of Missouri-based broker Central States Commodities. “There are good demand figures out there.”
CBOT November soybean futures SX3 settled up 9-3/4 cents at $13.18-1/4 a bushel.
CBOT December corn futures CZ3 were 2 cents higher at $4.96-1/4 a bushel and CBOT September soft red winter wheat WU3 added 2-3/4 cents to $6.37-3/4 a bushel.
Corn export sales of 908,800 metric tons were in line with expectations of 275,000 to 1.2 million metric tons. Wheat export sales of 561,200 metric tons topped the high end of forecasts that ranged from 200,000 to 500,000 metric tons.
Ukraine announced a “humanitarian corridor” on Thursday to let cargo ships trapped in its ports sail into the Black Sea, suggesting a response to Russia’s recent withdrawal from a grain corridor agreement.
(Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Subhranshu Sahu, Sherry Jacob-Phillips, Richard Chang and Jonathan Oatis)
((mark.weinraub@thomsonreuters.com; +1 313 484 5282; Reuters Messaging: mark.weinraub.thomsonreuters.com@reuters.net))
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