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GRAINS-U.S. soy hits highest since Sept 2012; corn also firm; wheat weak

reuters.com · 06/09/2022 11:57
GRAINS-U.S. soy hits highest since Sept 2012; corn also firm; wheat weak

New throughout, updates prices, market activity and comments; new byline, changes dateline, pvs PARIS/SINGAPORE

By Mark Weinraub

- U.S. soybean futures rallied 2.1% on Thursday to their highest in nearly a decade, on signs of good export demand for U.S. supplies, traders said.

Corn futures also rose, with strength in the cash market underpinning the tight supply situation. Wheat futures fell on improving weather for U.S. and European crops in the run-up to summer harvesting.

The U.S. Agriculture Department said weekly old-crop soybean export sales totaled 429,900 tonnes, up 41% from the average of the prior four weeks.

"Anything we sell, is above and beyond what is needed (to meet the yearly forecast)," said Mark Schultz, chief analyst at Northstar Commodity "You are just getting to a point where you could see carryout on beans get tighter than we think."

USDA also said on Thursday morning that private exporters reported a sale of 143,000 tonnes of soybeans to unknown destinations. nFWN2XW0PS

At 10:46 a.m. CDT (1546 GMT), CBOT July soybean futures SN2 were up 37-3/4 cents at $17.77-3/4 a bushel. Prices peaked at $17.81-1/2, the highest on a continuous basis for the most-active contract Sv1 since Sept. 4, 2012 and near the all-time high of $17.89.

CBOT July corn CN2 was up 16-3/4 cents at $7.81-1/4 a bushel, on track for its fourth straight day of gains.

Concerns about hot and dry weather stressing the recently seeded corn crop in key growing areas of the U.S. Midwest during its early stages of development added support to corn.

Chicago Board of Trade soft red winter wheat for July delivery WN2 was down 4-1/2 cents at $10.70-1/4 a bushel.

Grain traders were adjusting positions ahead of the U.S. Department of Agriculture's (USDA) monthly world crop forecasts on Friday, which will give a further assessment of the impact of the war in Ukraine. USDA/EST

(Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by David Gregorio)

((mark.weinraub@thomsonreuters.com; +1 313 484 5282; Reuters Messaging: mark.weinraub.thomsonreuters.com@reuters.net))