July 20, 2020 / 11:42 AM / 22 days ago

GRAINS-Soybeans rise for fifth session on strong demand, corn eases

    * Chinese demand helps lift soybean prices
    * Concern about energy demands weighs on corn

 (Updates prices, adds quotes, changes dateline)
    By Naveen Thukral and Sybille de La Hamaide
    SINGAPORE/PARIS, July 20 (Reuters) - Chicago soybean futures
rose for a fifth consecutive session on Monday to their highest
since July 10 on strong demand, although expectations of
crop-friendly weather and ample world supplies capped gains.
    Corn lost ground as weakness in oil prices raised demand
concerns for the grain-based fuel ethanol.
    "In soybeans, the dynamics of vegoil prices and of course
the large volumes of business concluded last week are pushing
prices higher," French consultancy Agritel said, citing support
from the prospect of new Chinese purchases and a weaker dollar
against most currencies.
    Phin Ziebell, agribusiness economist at National Australia
Bank in Melbourne said: "For corn, there is pressure due to oil
demand destruction."
    The most-active soybean contract on the Chicago Board Of
Trade was up 0.5% at $8.99.1/2 a bushel by 1115 GMT, after
climbing to its highest since July 10 to $8.99 a bushel earlier
in the session.
    Corn fell 1% to $3.35-1/2 a bushel and wheat
slipped 0.6% to $5.31-1/2 a bushel.
    The U.S. Department of Agriculture on Friday confirmed sales
of 126,000 tonnes of U.S. soybeans to unknown destinations,
bringing the total for U.S. soy sales announced last week to 1.5
million tonnes, including about 1 million tonnes to China.

    National Oilseed Processors Association reported last week
that soyoil stocks among its U.S. members fell more than
expected to 1.778 billion pounds (806 million kgs) last month
from 1.880 billion pounds (853 million kgs) at the end of May.  
    Brazil's 2020/2021 soybean production is expected to reach
131.7 million tonnes, a 5.4% increase over the prior crop year,
consultancy Safras & Mercado said on Friday, in its first
prediction for the new crop year.
    Oil prices dipped on Monday, weighed down by the prospect
that a rise in the pace of coronavirus infections could derail a
recovery in fuel demand.  
 Prices at 1115 GMT                                                  
                                  Last  Change    Pct     End     Ytd
                                                 Move    2019     Pct
  CBOT wheat                    531.50   -3.25  -0.61  558.75   -4.88
  CBOT corn                     336.50   -3.25  -0.96  387.75  -13.22
  CBOT soy                      899.50    4.50   0.50  955.50   -5.86
  Paris wheat December          185.62   -0.63  -0.34  188.25   -1.40
  Paris maize Jun               174.00   -0.50  -0.29  168.50    3.26
  Paris rape Aug                383.75   -0.25  -0.07  387.25   -0.90
  WTI crude oil                  40.25   -0.34  -0.84   61.06  -34.08
  Euro/dlr                        1.15    0.00   0.27  1.1210    2.20
 Most active contracts - Wheat, corn and soy US cents/bushel, Paris
 futures in euros per tonne

 (Reporting by Naveen Thukral;
Editing by Vinay Dwivedi and Edmund Blair)
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