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Business

September 17, 2017

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Soybean gains

Soybean gains

SINGAPORE: U.S. soybeans eased slightly on Friday, but the market is poised for a fourth straight week of gains on the back of strong demand and dry weather in Brazil where planting is due to start.

Wheat is set for its biggest weekly gain in more than two months as short-covering drives prices higher.

The Chicago Board of Trade most-active soybean contract is up 1.4 percent this week while wheat has risen 1 percent, after closing last week little changed.

Corn is down 1 percent for the week, its first loss in three.

The U.S. Department of Agriculture reported export sales of U.S. soybeans in the latest week at 1.6 million tonnes, topping a range of trade expectations for 1.0 million to 1.3 million tonnes.

Separately, the agency said private exporters sold another 198,000 tonnes of U.S. soybeans to China.

The soybean market was trading down 0.1 percent at $9.75-1/2 a bushel by 0335 GMT, wheat 0.2 percent lower at $4.42-1/4 a bushel and corn down 0.3 percent at $3.53-1/4 a bushel.

Still, leading oilseed industry analyst Thomas Mielke said soybean imports by China, the world´s biggest buyer, are likely to remain unchanged in 2017/18 at this year´s record level of 93 million tonnes due to a rise in domestic production and higher carry-forward stocks.

There was additional support for the soybean market stemming from dryness in Brazil.

"The market is also discussing dry conditions in Brazil where soybean planting will begin next month," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. —

 

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