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Date
 13/10/2021
News Source
 Successful Farming
Headline
 GRAINS-Soybeans rebound on China demand hopes; USDA forecast caps gains

Successful Farming (12/10/2021) –

* Soybean rise on bargain buying after 3 sessions of decline


* Top importer China seen resuming purchases


* Chicago wheat futures unmoved after closing higher on Tuesday (Adds quote in paragraphs 3-4, fund positioning)


By Naveen Thukral


SINGAPORE, Oct 13 (Reuters) - Chicago soybean futures rose on Wednesday from a 10-month low hit in the previous session, aided by hopes of increased Chinese purchases, although forecasts of ample global supplies limited gains.


Corn edged higher, while wheat was largely unchanged.


"The market is focused on Chinese purchases," said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.


"China is expected to come back to the market and buy more soybeans."


The most-active soybean contract on the Chicago Board Of Trade (CBOT) rose 0.5% at $12.04-3/4 a bushel by 0254 GMT, having closed down 2.4% on Tuesday when prices hit a December 2020 low.


Corn added 0.1% to $5.22-3/4 a bushel and wheat was flat at $7.34 a bushel.


The U.S. Department of Agriculture (USDA) on Tuesday pegged a larger-than-expected soybean crop of 4.448 billion bushels and soybean yields of 51.5 bushels per acre.


The government agency estimated both the corn crop currently being harvested and the corn yields above expectations.


The USDA forecast global wheat ending stocks at the lowest in five years, due in part to droughts in the northern United States and Canada that hurt production.


Commodity funds were net sellers of CBOT corn, beans, soyoil and soymeal, and net buyers of wheat futures contracts on Tuesday, traders said. (Reporting by Naveen Thukral; Editing by Ramakrishnan M.)


 Read more at https://www.agriculture.com/markets/newswire/grains-soybeans-rebound-on-china-demand-hopes-usda-forecast-caps-gains



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