Soybeans at new 2-year peak on China sales, corn at 6-month high



via - September 11, 2020


PARIS/SINGAPORE — Chicago soybean futures resumed a


recent rally to hit a new two-year high on Friday as a run of export sales to


China continued ahead of a U.S. government crop report expected to show a


reduced outlook for the upcoming U.S. harvest.


Corn extended gains to touch a near six-month peak as a case of African


swine fever in Germany raised the prospects of increased demand for U.S. pork


and feed grains like corn and soy used to feed pigs.


Wheat edged higher too, finding further support in a flurry of tenders by


importing countries.


Price movements were limited as grain markets were waiting for the U.S.


Department of Agriculture’s (USDA) monthly supply and demand report at 1600 GMT,


expected to include reduced forecasts for U.S. corn and soybean harvests due to


storm and dry weather damage.


The most-active soybean contract on the Chicago Board Of Trade was up


0.5% at $9.82-1/2 a bushel, as of 1127 GMT, after earlier rising to $9.87-1/2,


the latest in a series of highs since June 2018.


It was heading for a fifth straight weekly gain.


The USDA on Thursday reported that exporters had sold...