GRAINS-Soybeans extend rebound on robust export demand

viernes 5 de agosto de 2016 15:09 GYT
 

* China extends buying spree of U.S. soybeans

* USDA confirms soy export sale for 8th straight trading day

* Informa sees bigger U.S. corn, soy harvests than USDA (Adds closing prices, analyst quote)

By Tom Polansek

CHICAGO, Aug 5 (Reuters) - U.S. soybean futures jumped on Friday, extending a rebound from 3-1/2-month lows hit earlier this week, as strong export demand offset supply pressure linked to bumper harvest prospects.

Wheat futures also climbed while corn crept higher as the grain markets consolidated after falling to 10-year and near two-year lows, respectively, this week against a backdrop of ample supplies.

Soybean futures were the leader in the markets, traders said, after the U.S. Department of Agriculture (USDA) reported that exporters had struck deals to sell 498,000 tonnes of U.S. soybeans to top-importer China for delivery in the marketing year that starts on Sept. 1.

It was the eighth consecutive trading day in which the USDA confirmed a soybean sale to China or "unknown destinations," bringing total volumes for that period to 2.8 million tonnes.

Traders expect even more business.   Continuación...