June 4, 2020 / 6:11 PM / a month ago

GRAINS-Soy near 2-month top, wheat soars as export outlook brightens

 (New throughout; updates prices, adds quotes, changes byline,
changes dateline from previous PARIS/SINGAPORE)
    By Julie Ingwersen
    CHICAGO, June 4 (Reuters) - U.S. soybean futures hit their
highest in nearly two months on Thursday and wheat futures rose
more than 2% as a weaker dollar bolstered export prospects for
U.S. grains and oilseeds, analysts said.
    Corn futures followed the firm trend.
    As of 12:49 p.m. CDT (1749 GMT), Chicago Board of Trade July
soybeans were up 12 cents at $8.69-1/2 per bushel after
reaching $8.73-1/4, the contract's highest since April 13.
    CBOT July wheat was up 13 cents at $5.25 a bushel
after touching $5.29, its highest since April 28, and July corn
 was up 4-3/4 cents at $3.28-3/4 a bushel.
    Soybeans climbed after the U.S. Department of Agriculture
for the second day in a row confirmed sales of U.S. soybeans to
unknown destinations. Traders have said that China was the
likely buyer both times, despite rising political tensions
between Beijing and Washington.
    The dollar weakened this month while Brazil's
currency, the real, has firmed, making U.S. soy more attractive
to global buyers. Brazil is the world's biggest soy exporter.
    "We are doing a fair amount of business. The U.S., I am
told, is the cheapest soybean origination out through January,"
said Tom Fritz, a partner with EFG Group in Chicago.
    Technical buying in soybeans accelerated as the CBOT July
soybean contract pushed above its 50-day moving average this
week. CBOT July corn also broke through its 50-day moving
average but chart resistance persists near $3.30 a bushel.
    "The demand (for corn) is so bad and the supplies are so
huge that it's really going to struggle up here," said Jack
Scoville, analyst with the Price Futures Group. 
    Favorable crop weather in the U.S. Corn Belt, with warm
temperatures and periodic showers, should boost yield potential.
    CBOT wheat surged on technical buying, uncertainty about
supplies from the Black Sea region and Europe, and dryness in
parts of the southern U.S. Plains where wheat is still
developing. The weekly U.S. Drought Monitor showed moderate
drought across 27% of Kansas, the top U.S. wheat state.
        
    CBOT prices as of 12:58 p.m. CDT (1758 GMT):
                                  Net     Pct  Volume
                         Last  change  change        
 CBOT wheat     WN0    524.25   12.25     2.4   62305
 CBOT corn      CN0    328.50    4.50     1.4  121407
 CBOT soybeans  SN0    868.50   11.00     1.3  123974
 CBOT soymeal   SMN0   290.50    4.20     1.5   50573
 CBOT soyoil    BON0    27.79   -0.07    -0.3   39300
    NOTE: CBOT July wheat, corn and soybeans shown in cents per
bushel, soymeal in dollars per short ton and soyoil in cents per
pound.
    

 (Additional reporting by Gus Trompiz in Paris and Naveen
Thukral in Singapore, Editing by Sherry Jacob-Phillips, Mark
Potter and Diane Craft)
  
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