June 8, 2020 / 1:11 AM / a month ago

GRAINS-Chicago soybeans firm on strong demand; wheat rebounds

SINGAPORE, June 8 (Reuters) - Chicago soybean futures rose on Monday, with prices supported by a strong demand for U.S. supplies, while wheat edged up after closing sharply lower in the previous session.

Corn gained for a third consecutive session.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board Of Trade (CBOT) was up 0.2% to $8.69-3/4 a bushel, as of 0048 GMT, while wheat gained 0.2% at $5.16-1/2 a bushel. Corn rose 0.7% to $3.33-1/2 a bushel.

* U.S. exporters reported large sales of soybeans for a fourth straight day on Friday in deals widely thought to be bound for China, which has accelerated buying this week amid rising prices in top supplier Brazil.

* The U.S. Department of Agriculture on Friday reported 588,000 tonnes of soybean sales.

* Russia’s southern Stavropol region, one of country’s main grain-producing areas, may see its 2020 crop fall by 40% compared with last year due to cold weather and drought, the Interfax news agency said on Friday, citing a regional agriculture ministry.

* Russia, the world’s largest wheat exporter, is currently expected to harvest a total of 120 million tonnes of grain in 2020, slightly less than in 2019 as yields are set to decline in the southern regions, its agriculture ministry has said.

* Large speculators increased their net short position in CBOT corn futures in the week to June 2, regulatory data released on Friday showed.

* The Commodity Futures Trading Commission’s weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and increased their net short position in soybeans.

MARKET NEWS

* U.S. stock futures and Asian shares advanced on Monday after a surprise recovery in U.S. employment gave further confidence of a quick economic recovery after many weeks of shutdowns aimed at controlling the coronavirus pandemic.

DATA/EVENTS (GMT) 0600 Germany Industrial Output MM April 0645 France Reserve Assets Total May (Reporting by Naveen Thukral)

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