* U.S. cuts corn, soybean harvest outlook after August
* Strong Chinese demand to support corn, soybean futures
SINGAPORE, Sept 14 (Reuters) – Chicago soybean prices gained
for a second consecutive session on Monday, rising above $10 a
bushel as Chinese buying and a lower estimate for U.S.
production supported prices.
Corn jumped to its highest since mid-March while wheat
On Friday, the U.S. Department of Agriculture (USDA) said in
a monthly report that U.S. corn and soybean production would be
lower than previously expected because of unfavourable weather
“U.S. crop outlook is bullish for corn and soybean prices,”
said Phin Ziebell, agribusiness economist at National Australia
Bank. “We have also seen strong demand from China.”
The most-active soybean contract on the Chicago Board Of
Trade (CBOT) gained 0.8% at $10.04-1/2 a bushel by 0347
Corn added 0.6% to $3.70-3/4 a bushel, near the
session high of $3.71 a bushel, the highest since March 13.
Wheat was up 0.4% at $5.44 a bushel, having closed down
1.1% on Friday.
Chinese demand for U.S. corn and soybeans remained strong in
the latest week, USDA data showed, and traders expect the U.S.
government to boost its export forecast for both commodities due
to the recent surge of deals.
In a report released on Friday, it showed that export sales
of soybeans to China totalled 1.608 million tonnes in the week
ended Sept. 3, the latest reporting period. Weekly corn export
sales to China were 1.137 million tonnes.
Ukraine has exported 9.2 million tonnes of grain so far in
the July 2020-June 2021 season compared to 10.3 million tonnes
at the same point during the previous season, the economy
ministry said on Friday.
Large speculators trimmed their net short position in CBOT
corn futures in the week to Sept. 8, regulatory data released on
The Commodity Futures Trading Commission’s weekly
commitments of traders report also showed that non-commercial
traders, a category that includes hedge funds, switched to a net
short position in CBOT wheat and raised their net long position
(Reporting by Naveen Thukral; Editing by Devika Syamnath)