November 28, 2016 / 9:07 PM / 2 years ago

GRAINS-U.S. soy hits 4-1/2 month top as rally extends to 7th day

(Updates with closing prices, adds analyst quote)

By Mark Weinraub

CHICAGO, Nov 28 (Reuters) - U.S. soybean futures rose for the seventh day in a row on Monday, led higher by strong export demand gains in the soymeal market, traders said.

Chicago Board of Trade wheat and corn futures fell for the third day in a row, pressured by poor export prospects and ample supplies of the grains.

Soybeans reached their highest since July 19, during the overnight trading session. The seven-session winning streak is the longest for soybeans since March.

Chicago Board of Trade soybean futures for January delivery closed up 10 cents at $10.56 a bushel, 9 cents below their overnight top. Soymeal futures rose 1.5 percent.

Strong overseas demand for U.S. soybeans offered support to futures. The U.S. Agriculture Department on Monday morning said that weekly export inspections of soybeans totalled 2.091 million tonnes, near the high end of trade expectations.

CBOT December corn was off 3/4 cent at $3.48-1/2 a bushel.

“A weaker tone to exports appeared to seal the deal, ending attempts to rebound,” Farm Futures senior grain market analyst Bryce Knorr said in a note to clients.

CBOT December soft red winter wheat dropped 6-1/2 cents to $3.89-1/2 a bushel. The December wheat contract fell to its lowest since Aug. 31.

USDA said that weekly export inspections of wheat came in at 221,985 tonnes, down from 434,001 tonnes in the previous week and below market forecasts that ranged from 325,000 to 525,000 tonnes.

Additionally, forecasts for showers in the U.S. Delta that were expected to foster crop development in that region added to the pressure on wheat.

Export inspections of corn also were a weaker-than-expected 800,967 tonnes. (Additional reporting by Sybille de La Hamaide in Paris and Naveen Thukral in Singapore; Editing by Andrea Ricci and Steve Orlofsky)

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