GRAINS-Soybeans notch longest bull run in 43 years, hit 2-yr high

viernes 10 de junio de 2016 16:32 GYT
 

* Soybean futures reach two-year high

* Corn, wheat retreat from recent gains

* USDA cuts estimates for Brazil soy, corn harvests (New throughout, updates prices, market activity and analyst comment to close, adds details about fund activity)

By Tom Polansek

CHICAGO, June 10 (Reuters) - U.S. soybean futures rose for the ninth straight week, the longest bull run in 43 years, on expectations that crop problems in Brazil and Argentina will steer more export business to the United States.

The U.S. Department of Agriculture (USDA) confirmed increased demand in a monthly crop report that raised the government's estimate for soybean shipments and tightened its outlook for domestic supplies more than expected.

"Nothing on today's report undermines bull soy narrative," said Rich Feltes, head of market insights for broker RJ O'Brien.

July soybeans ended 0.2 percent higher at $11.78-1/4 per bushel on the Chicago Board of Trade and reached the highest price for a most-active contract since June 2014. The last time soybeans rose for nine weeks in a row was in 1973.

For the day, July corn slipped 0.8 percent to $4.23 a bushel. The contract reached its highest point since July 2015 on Wednesday. July wheat lost 3 percent to $4.95 a bushel. On Wednesday, it set its highest price since November 2015.   Continuación...