July 20, 2020 / 1:23 AM / 20 days ago

GRAINS-Soybeans hit 10-day high on U.S. export demand

SYDNEY, July 20 (Reuters) - U.S. soybean futures edged higher on Monday as strong export demand pushed prices to a 10-day high.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.1% at $8.95-3/4 a bushel by 0106 GMT, near the session high of $8.97 a bushel - the highest since July 10. Soybeans closed 0.5% higher on Friday.

* The most active corn futures were down 0.2% at $3.39 a bushel, having gained 0.7% in the previous session.

* The most active wheat futures were down 0.2% at$5.33-1/2 a bushel.

* The U.S. Department of Agriculture, through its daily reporting system, on Friday confirmed sales of 126,000 tonnes of U.S. soybeans to unknown destinations.

* The sale brought the total for U.S. soy sales announcements this week to 1.5 million tonnes, including about 1 million tonnes to China.

* National Oilseed Processors Association last week reported that soyoil stocks among its U.S. members fell more than expected to 1.778 billion pounds last month from 1.880 billion at the end of May.

MARKET NEWS

* The euro hovered near four-month highs against the dollar on Monday as investors held on to hopes that European leaders would break a deadlock and hammer out an economic rescue deal at a marathon summit.

* Oil prices dropped, weighed down by the prospect of another demand drop for fuel as the coronavirus pandemic claimed more lives and infections rose.

* Asian shares began warily as investors eyed efforts to stitch together more fiscal stimulus in the eurozone and United States to help economies ride out the effects of a record jump in COVID-19 cases globally.

Reporting by Colin Packham, Editing by Sherry Jacob-Phillips

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