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Mercados

GRAINS-Corn, soybeans rise on expectations of lower U.S. output

    * Corn, soy up after Pro Farmer tour cuts output estimate
    * Harsh weather in Argentina continues to support wheat

 (Updates prices, adds detail, quote, detail)
    By Naveen Thukral and Sybille de La Hamaide
    SINGAPORE/PARIS, Aug 24 (Reuters) - Chicago corn and soybean
futures rose on Monday as a forecast of lower U.S. production by
a widely watched crop tour underpinned prices, while wheat
extended last week's 7% jump on further concern about weather
threats to crops in Argentina.
    "U.S. storm damage and Chinese demand are supporting corn
prices," said Phin Ziebell, an agribusiness economist at
National Australia Bank in Melbourne. "But we have lower demand
for ethanol which will limit the upside potential."
    The most-active corn contract on the Chicago Board Of Trade
 rose 0.6% to $3.42-1/2 a bushel by 0948 GMT.
    Soybeans gained 0.4% to $9.08-1/2 a bushel and wheat
 rose 0.2% to $5.36-1/4 a bushel.
    Advisory service Pro Farmer projected U.S. corn and soybean
harvests will be below the U.S. Department of Agriculture's
(USDA) forecasts, with a corn crop of 14.820 billion bushels
based on an average yield of 177.5 bushels per acre and a
soybean crop of 4.362 billion bushels based on an average yield
of 52.5 bushels per acre.
    Tropical storms in the U.S. Gulf offered hope for
much-needed rain in parts of the Midwest, a major growing region
for corn and soybeans.
    "Export activity to China is a clear element of support for
corn and soybeans, but the volumes contracted remain well below
the mid-January trade agreement," French consultancy Agritel
said in a report.
    Wheat continued to be supported by reports that harsh frosts
in Argentina, a major global export competitor, had combined
with severe dryness hurting recently planted crops.
    Dry weather and storm damage across the U.S. Midwest coupled
with strong U.S. export demand sparked speculators' biggest
buying week in Chicago-traded grains and oilseeds in more than a
year, and soybeans led the charge, Karen Braun, a market analyst
for Reuters, said in a column.
            
 Prices at 0948 GMT                                               
                               Last  Change    Pct     End     Ytd
                                              Move    2019     Pct
                                                              Move
  CBOT wheat                 536.25    1.25   0.23  558.75   -4.03
  CBOT corn                  342.50    2.00   0.59  387.75  -11.67
  CBOT soy                   908.50    3.75   0.41  955.50   -4.92
  Paris wheat Sept           183.50   -0.25  -0.14  185.75   -1.21
  Paris maize Nov            167.25    0.25   0.15  174.75   -4.29
  Paris rape Nov             379.50   -0.25  -0.07  391.50   -3.07
  WTI crude oil               42.66    0.32   0.76   61.06  -30.13
  Euro/dlr                     1.18    0.00   0.36  1.1210    5.59
 Most active contracts - Wheat, corn and soy US cents/bushel,
 Paris futures in euros per tonne
 
 (Reporting by Naveen Thukral and Sybille de La Hamaide; Editing
by Subhranshu Sahu and David Evans)
  
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