GRAINS-Soybeans gain as soyoil rallies, pulls corn higher
(New throughout, updates prices and market activity to close, adds further analyst comment)
By Mark Weinraub
CHICAGO Aug 15 (Reuters) - U.S. soybean future surged 2.8 percent on Monday to their highest in more than three weeks, supported by strong export demand and a rally in the soyoil market, traders said.
The gains in soybeans pulled corn higher, but wheat closed lower as traders locked in profits from early gains amid ample global stockpiles.
Soybeans notched biggest daily gain in percentage terms since July 12.
"There was a lot of talk of Chinese pricing today and more cargos getting booked, and there just was not much selling in the market," Charlie Sernatinger, global head of grain futures at ED&F Man Capital, said in a note to clients. "As a result, beans moved relentlessly higher during the session."
Soyoil futures rallied 3.4 percent to their highest since April 27 after a monthly National Oilseed Processors Association report showed that supplies were tighter than expected.
The spillover strength, coupled with export hopes allowed the soybean market to shrug off expectations of a record large harvest this fall.
"Despite a record bean yield forecast from U.S. Agriculture Department on Friday, record demand has given us a support area on the charts," CHS Hedging said in a note to clients. Continuación...