GRAINS-Soy rises to one-week high on wave of U.S. export deals

lunes 8 de agosto de 2016 14:55 GYT
 

* Export demand supports soy, USDA confirms more sales

* Short covering lifts corn, big crop outlook caps gains

* Market turning focus to USDA crop report due Friday (Updates with closing prices)

By Karl Plume

CHICAGO, Aug 8 (Reuters) - U.S. soybean futures rose to a one-week peak on Monday on strong export demand and drier-than-expected Midwest weather over the weekend, although forecasts for a bumper U.S. harvest this autumn limited gains.

Corn futures edged higher on short covering following recent declines, while wheat prices were narrowly mixed.

Some traders squared positions in grain markets ahead of a monthly U.S. Department of Agriculture crop report due on Friday. The government is broadly expected to increase its U.S. corn and soy production forecasts.

"We had some short covering in the overnight session and this morning, but we've given a lot of it back," said Karl Setzer, analyst with MaxYield Cooperative.

"People are squaring positions ahead of the report on Friday. Everybody is expecting higher yields on corn and soybeans, but the question is just how much bigger," he said.   Continuación...