Soybeans hold at three-month high ahead of USDA report
- Soybeans underpinned by China demand optimism, Argentina drought
- Wheat, corn steady after lows this week on export concerns
- Grain markets awaiting USDA monthly world crop report
Chicago soybeans held firm at a nearly three-month high on Friday as demand led by top importer China underpinned the market while traders awaited world crop forecasts from the U.S. government.
Wheat and corn edged higher as cereals consolidated following one-year and three-month lows, respectively, this week reflected concerns over sluggish exports.
Price movements were limited as crop markets sought direction from the U.S. Department of Agriculture's (USDA) due at 1700 GMT.
The most-active soybean contract on the Chicago Board of Trade (CBOT) ZS1! was up 0.1% at $14.88-1/4 a bushel by 1136 GMT.
The contract earlier reached its highest since Sept. 13 at $14.92-3/4, just above a previous three-month top on Thursday.
That marked the third flash sale of soybeans to China this week, spurring broader hopes that easing COVID-19 measures in China will boost demand.
For the week ended Dec. 1, export sales of soybeans totalled 1.746 million tonnes, the USDA also reported on Thursday, beating the high-end of trade forecast.
in major soy producer Argentina has also supported Chicago futures.
Traders were assessing possible relief for Argentine crops from showers this week, as well as increased export sales spurred by a latest government exchange-rate mechanism.
Weekly U.S. wheat export sales were near the low-end of analysts' forecasts, while corn sales were in the middle of trade estimates.
News that Egypt had bought 260,000 tonnes of Russian wheat via private talks on Thursday underscored competition from Black Sea supplies, despite disruption caused by the war in Ukraine.
Prices at 1136 GMT
Ytd Pct Move
CBOT wheat ZW1!
CBOT corn ZC1!
CBOT soy ZS1!
Paris wheat (BL2c1)
Paris maize (EMAc1)
Paris rape (COMc1)
WTI crude oil CL1!
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne