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News Admin
 
Date
 03/09/2020
News Provider
 Siti Safura Masiron
News Source
 www.agriculture.com
Headline
 GRAINS-Soybeans gain for 9th straight session on Chinese demand


02.09.2020 (www.agriculture.com) - SYDNEY, Sept 3 (Reuters) - U.S. soybeans hovered near a two-year high on Thursday and are set to post their ninth consecutive session of gains on strong demand from China, the world's largest importer of the commodity.





FUNDAMENTALS



* The most active soybean futures on the Chicago Board Of Trade were up 0.2% at $9.63-1/2 a bushel by 0129 GMT, having firmed 0.8% on Wednesday.



* Soybeans hit a two-year high of $9.66-3/4 a bushel earlier this week.



* The most active corn futures were down 0.3% at $3.57-3/4 a bushel, having gained 0.2% in the previous session.



* The most active wheat futures were little changed at $5.57-3/4 a bushel, having closed up 2.1% on Wednesday.



* Chinese state-owned firms bought at least eight bulk shipments of U.S. soybeans, or at least 480,000 tonnes, for shipment in December and January, two U.S. traders familiar with the deals told Reuters.



* Traders are looking ahead to monthly USDA supply and demand reports due on Sept. 11 for updated estimates on corn and soy output





MARKET NEWS



* The dollar clung to overnight gains on Thursday, as investors trimmed bets against the greenback and sold the euro on concerns that the European Central Bank was worried about its rise.



* Oil prices were little changed in early trade on Thursday, sitting near multi-week lows hit overnight on worries about fuel demand due to a patchy U.S. economic recovery.



* Asian equities were set to open higher on Thursday after stronger U.S. economic data and the prospect of additional U.S. stimulus prompted sharp and broader gains on Wall Street, while the dollar extended its upward move.



(Reporting by Colin Packham; Editing by Amy Caren Daniel)





https://www.agriculture.com/markets/newswire/grains-soybeans-gain-for-9th-straight-session-on-chinese-demand



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