GRAINS-Exports support soy; corn, wheat rise on short-covering
(Updates with closing prices, adds details, new analyst quote)
By Mark Weinraub
CHICAGO Aug 17 (Reuters) - U.S. soybean futures rose to their highest in nearly four weeks on Wednesday on strong demand from China, the world's top buyer of the oilseed, traders said.
Corn and wheat futures posted mild gains on a round of short-covering. It was corn's fourth positive close in a row.
"We had some short-covering, got a little bit of a technical bounce," said Karl Setzer, market analyst at MaxYield Cooperative. "A lot of little things added up."
A global glut of wheat and expectations for a record corn harvest in the United States quelled buying in the grains. The upcoming U.S. soybean harvest also has been forecast as the biggest on record, but a recent spate of export activity underpinned the market.
The U.S. Agriculture Department said on Wednesday morning that private exporters reported the sale of 381,000 tonnes of soybeans to China for delivery during the 2016/17 marketing year.
The USDA also said that exporters reported the sale of 129,000 tonnes of soybeans to unknown destinations, correcting an Aug. 4 announcement that said corn was the commodity sold in the deal.
"Soybeans are providing at least a little lift to the grain market today, with concerns over a big crop muted by strong demand," Bryce Knorr, senior grain market analyst at Farm Futures, said in a note. Continuación...