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GRAINS-Soybeans rise on China demand, wheat snaps 3 days of losses

SINGAPORE, June 10 (Reuters) - Chicago soybeans rose on Wednesday with prices supported by solid demand from the world’s biggest importer China.

Wheat rose after suffering losses, although gains were limited by expectations of higher output in Australia and ample world supplies.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board Of Trade added 0.2% to $8.64-3/4 a bushel by 0007 GMT. Wheat rose 0.2% to $5.05-1/4 a bushel, while corn was trading unchanged at $3.27-1/2 a bushel.

* China’s state-owned trader Sinograin bought at least 120,000 tonnes of U.S. soybeans for shipment in December from U.S. Pacific Northwest ports, two U.S. traders familiar with the deals said.

* The USDA’s weekly crop conditions report, issued after the market close on Monday, rated 75% of the U.S. corn crop as “good to excellent”, up from 74% last week and aligned with average analyst estimates in a Reuters poll.

* For soybeans, the USDA rated 72% of the crop as “good to excellent”, up from 70% last week, and 82% of U.S. spring wheat as “good to excellent”, above analyst expectations of 80%.

* Australia raised its estimate for wheat production in the 2020/21 season by more than 25% on Wednesday after recent heavy rains broke a three-year drought that has ravaged the country’s east coast.

* The Australian Bureau of Agricultural and Resource Economics and Sciences said wheat production for the year ending June 30, 2021 will total 26.7 million tonnes, up from its March estimate of 21.3 million tonnes.

MARKET NEWS

* Asian equities slipped on Wednesday after most U.S. stocks pared gains made during their recent rally, although the Nasdaq benchmark reached its second straight day at a record high as oil prices rose.

DATA/EVENTS (GMT) 0130 China PPI, CPI YY May 1230 US CPI MM, SA May 1800 US Federal Open Market Committee announces its decision on interest rates followed by statement (Reporting by Naveen Thukral)

Nuestros Estándares: Los principios Thomson Reuters.

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