(Reuters) – U.S. soybeans rose for a sixth consecutive session as demand for U.S. supplies pushed the oilseed towards a one-week high, despite expectations of bumper supplies.
FUNDAMENTALS
* The most active soybean futures on the Chicago Board Of Trade rose 0.6 percent to $9.93-1/2 a bushel, having firmed 0.3 percent on Wednesday when prices hit $9.99-1/4 a bushel – the highest since Aug. 1.
* The most active corn futures rose 0.2 percent to $3.33-1/4 a bushel, having closed down 0.7 percent in the previous session.
* The most active wheat futures fell 0.1 percent to $4.16-1/2 a bushel, having closed up unchanged on Wednesday.
* U.S. Department of Agriculture (USDA) through its daily reporting system said private exporters sold 120,000 tonnes of U.S. soybeans to unknown destinations for 2016-17 delivery. The USDA has announced daily soybean sales in each of the last 10 trading sessions.
* USDA to publish latest monthly supply/demand on Friday.
* Analysts surveyed by Reuters expect the government to raise its forecasts of U.S. 2016-17 corn production and ending stocks, reflecting mostly favourable growing weather this summer.
* The USDA late Monday rated 74 percent of the U.S. corn crop as good to excellent, down from 76 percent the previous week but still historically high. Analysts surveyed by Reuters had expected a rating of 75 percent good-to-excellent.
* USDA late on Monday rated 72 percent of the U.S. soybean crop as good to excellent, unchanged from the previous week and in line with trade expectations.
MARKET NEWS
* The dollar edged down slightly in early Asian trade on Tuesday but remained supported by some confidence that the U.S. Federal Reserve could raise interest rates later this year, while New Zealand’s dollar inched up despite an expected rate cut later this week.
* Oil prices were stable early on Wednesday, with a global supply overhang weighing on markets while talk of a potential producer meeting to discuss propping up prices lent crude some support despite being met with skepticism by analysts.
* The NASDAQ composite rose to a record high close on Tuesday while other major indexes hovered near their own recent all-time highs in a session with thin trading volume.
