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

lunes 8 de agosto de 2016 05:57 GYT
 

* China July soy imports fall 18 percent from year earlier

* Markets may be choppy in run-up to Friday's USDA report (Adds quotes, updates prices)

By Nigel Hunt

LONDON, Aug 8 (Reuters) - Chicago soybeans rose on Monday to a one-week high with strong export demand helping to lift a market which has been weighed by a favourable outlook for crops in the U.S. this year.

Corn and wheat prices were also higher with the key focus this week likely to be the U.S. Department of Agriculture's crop production report to be issued on Friday.

The most active soybean futures on the Chicago Board Of Trade rose 1.1 percent to $9.85-1/4 a bushel by 0946 GMT, having earlier climbed to a one-week peak of $9.89.

"Much tighter South American supply conditions have improved U.S. demand prospects, which is now helping to offset worries over bumper U.S. production," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

The U.S. Department of Agriculture (USDA) on Friday 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.   Continuación...