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GRAINS-Soy firm at 4-year top on Chinese demand, vaccine optimism

    * Soybeans touch highest since July 2016 
    * Robust Chinese demand, COVID-19 vaccine hopes support
    * Corn, wheat also firm ahead of USDA world grain report

 (Updates with European trading, changes byline/dateline)
    By Gus Trompiz and Naveen Thukral
    PARIS/SINGAPORE, Nov 10 (Reuters) - Chicago soybean futures edged up to a
fresh four-year high on Tuesday, underpinned by strong Chinese demand and wider
market enthusiasm over a potential COVID-19 vaccine.
    Corn and wheat ticked up, steadying after declining a day earlier, as grain
markets waited for the U.S. Department of Agriculture's (USDA) monthly world
crop report at 1700 GMT that is expected to trim U.S. and world supplies.

    Soybeans, already buoyed by brisk export demand and doubts over U.S. and
South American harvest prospects, drew extra support from a surge in share and
oil prices since Monday as financial markets hailed progress in trials of a
coronavirus vaccine developed by Pfizer and BioNTech.

    "Early days, of course, but this breakthrough is truly a reason to become
more optimistic," said Tobin Gorey, director of agricultural strategy at
Commonwealth Bank of Australia.
    "Soybean prices clearly gained in the wake of COVID-19 vaccine hopes. Also
helping was more evidence of a post-election pickup in U.S. soybean sales to
China."
    The most-active soybean contract on the Chicago Board Of Trade was up
0.6% at $11.16-3/4 a bushel by 1302 GMT.
    It earlier reached $11.19, its highest since July 2016 and just above
Monday's four-year peak of $11.18.
    The USDA on Monday reported that exporters had sold 123,000 tonnes of U.S.
soybeans to unknown destinations, often seen by traders as denoting China. 

    The soy market was also monitoring a strike by grain port workers in major
exporter Argentina.
    CBOT wheat added 0.4% to $6.00 a bushel and corn was up 0.7% at
$4.10-1/2 a bushel.
    The USDA's monthly supply and demand report is being watched to see if it
raises projected Chinese corn imports in line with other forecasters. 
    The wheat market was focusing on any USDA revisions to Australian supply,
with the southern hemisphere exporter's big expected harvest already weighing on
export markets.
    
    
 Prices at 1302 GMT                                                
                               Last  Change    Pct     End  Ytd Pct
                                              Move    2019     Move
  CBOT wheat                 600.00    2.50   0.42  558.75     7.38
  CBOT corn                  410.50    3.00   0.74  387.75     5.87
  CBOT soy                  1116.75    6.25   0.56  955.50    16.88
  Paris wheat Dec            210.00    0.75   0.36  188.75    11.26
  Paris maize Jan            189.50    0.00   0.00  179.00     5.87
  Paris rape Feb             401.00   -0.25  -0.06  391.75     2.36
  WTI crude oil               40.68    0.39   0.97   61.06   -33.38
  Euro/dlr                     1.18    0.00  -0.03  1.1210     5.34
 Most active contracts - Wheat, corn and soy US cents/bushel, Paris
 futures in euros per tonne
 
 

 (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore, Editing by
Kirsten Donovan)
  

Nuestros Estándares: Los principios Thomson Reuters.

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