GRAINS-Soybeans climb to highest since 2016 on U.S. export hopes

 

* Soybeans at new 4-year high, more U.S. export sales expected

* U.S. domestic soybean crush at record high

* Corn rises on strong demand, wheat dips (Recasts with European trade, adds new comment, changes dateline)

 

By Michael Hogan, Reuters

via Successful Farming/Agriculture.com - 11/17/2020

 

HAMBURG, Nov 17 (Reuters) - Chicago soybean futures rose to their highest in more than four years on Tuesday as expectations of more U.S. exports coupled with record-large U.S. domestic soybean crushings faced tight supplies.

 

Chicago Board of Trade most-active soybeans were up 1.0% at $11.65 a bushel at 1152 GMT, after earlier on Tuesday hitting their highest since June 2016 at $11.69-1/2 a bushel.

 

Corn rose 0.4% to $4.18-1/4 a bushel, wheat fell 0.1% to $5.97 a bushel.

 

U.S. data underlined both booming U.S. soybean and corn exports and strong U.S. domestic soy demand.

 

Over 2.2 million tonnes of U.S. soybeans were inspected for export last week, mostly for China, said the U.S. Department of Agriculture (USDA).

 

Nearly 815,000 tonnes of U.S. corn was also inspected for export, including almost 280,000 tonnes for China.

 

"Soybeans are leading the complex today with hopes of more U.S. export sales, especially to China, and signs of robust U.S. domestic soybean crushing demand," said Matt Ammermann, StoneX commodity risk manager. "This is against the background of tighter supplies after the forecast of smaller U.S. soybean stocks from the USDA last week."

 

"China's hog herd is recovering strongly...

 

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