By Julie Ingwersen
CHICAGO, Sept 3 (Reuters) – U.S. soybean futures rose on Friday as merchants lined brief positions forward of a protracted vacation weekend, whereas reminders of recent export enterprise lent help, merchants stated.
Wheat futures additionally ended larger, however corn futures drifted decrease in rangebound commerce as market gamers awaited extra info on the standing of U.S. Gulf export services following Hurricane Ida.
U.S. markets and authorities places of work might be closed on Monday for Labor Day.
Chicago Board of Commerce November soybeans SX1 settled up 8-3/four cents on Friday at $12.92 a bushel. December wheat WZ1 ended up 9-1/four cents at $7.26-1/four a bushel whereas December corn CZ1 fell 1-1/2 cents to complete at $5.24 a bushel.,
CBOT November soybeans SX1 have been poised for a bounce after dipping to $12.70, the contract’s lowest since June 28, at midweek.
Reminders of a pickup in U.S. soybean export demand lent help, at the same time as Gulf export terminals remained hobbled within the wake of Hurricane Ida. The U.S. Division of Agriculture confirmed personal gross sales of 130,000 tonnes of U.S. soybeans to China, the newest in a string of gross sales during the last 4 weeks.
Agency Brazilian money markets added to bullish sentiment.
“We have now very sturdy South American foundation ranges, and that’s positively supporting the market,” stated Terry Reilly, senior analyst with Futures Worldwide in Chicago.
Brazilian farmers have been tight holders of the final of their old-crop soy provides and have pre-sold solely a couple of quarter of the 2021/22 crop they’re about to plant, roughly half the commitments made presently final yr, agribusiness consultancy Safras & Mercado stated.
But CBOT corn drifted decrease amid slowing export demand and the strategy of the U.S. harvest.
Merchants are turning their consideration to the USDA’s subsequent month-to-month provide/demand report on Sept. 10, which can embody up to date estimates of the U.S. corn and soy crops.
Upfront of the report, personal analytics agency IHS Markit Agribusiness on Friday lowered its forecast of the typical U.S. 2021 corn yield to 175.four bushels per acre (bpa), from 176.5 a month in the past.
A day earlier, commodity brokerage StoneX raised its U.S. corn yield estimate to 177.5 bpa, from its earlier estimate of 176.9.
Wheat futures discovered help from a softer greenback .DXY, which tends to make U.S. grains extra aggressive globally. The greenback fell to its lowest since Aug. four after a weaker-than-expected U.S. payrolls report. USD/
(Reporting by Julie Ingwersen; extra reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Modifying by David Gregorio)
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