GRAINS-Soybean futures rally on soymeal strength; wheat falls
(Recasts, updates with closing prices, adds new analyst quote)
By Mark Weinraub
CHICAGO May 2 (Reuters) - U.S. soybean futures rallied on Monday, piggybacking on sharp gains in the soymeal market, while corn and wheat futures were steady to weaker.
"Beans were down early ... but came roaring back higher, lead by the meal (again), and backstopped by a weaker U.S. dollar," Charlie Sernatinger, global head of grain futures at ED&F Man Capital, said in a note to clients.
Wheat futures faced pressure from good growth conditions across the U.S. Plains. K.C. hard red winter wheat futures posted the biggest losses, and their weakness spilled over into the benchmark Chicago Board of Trade soft red winter wheat contracts.
Analysts were waiting for reports from the Wheat Quality Council's annual tour of Kansas this week for confirmation that ample moisture was bolstering prospects for the hard red winter wheat crop.
CBOT July soft red winter wheat futures dropped 3/4 cent to $4.87-3/4 a bushel while K.C. hard red winter wheat ended down 4-1/4 cents at $4.74-1/4 a bushel.
CBOT July soybeans ended up 14 cents at $10.43-3/4 a bushel. July soymeal futures surged $12.50 to $347.30 a ton, with the most active contract hitting its highest since mid-July.
CBOT July corn was unchanged at $3.91-3/4 a bushel. Continuación...