Soybeans extend gains after China cuts export tax rebate
BEIJING, Nov 18 (Reuters) -Chicago soy futures rose for a second session on Monday on concerns that China's removal of export incentives for used cooking oil (UCO), a low-cost feedstock that many U.S. biofuels makers use instead of domestically produced soyoil, could curtail imports.
Corn and wheat also inched up.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade Sv1 was up 0.18% at $10 a bushel at 0136 GMT, while corn Cv1 gained 0.12% to $4.24 a bushel.
* CBOT wheat Wv1 rose 0.89% to $5.42 a bushel.
* China's finance ministry on Friday said it would reduce or cancel the export-tax rebates for some refined oil products that traders said would include used cooking oil, or UCO.
* The U.S. soybean crush surged to an all-time monthly high in October, while soyoil stocks edged up slightly from a near-decade low the prior month, according to National Oilseed Processors Association (NOPA) data released on Friday.
* Russia's Demetra, one of the country's largest agriculture trading and logistics firms, accumulated massive stocks of sunflower seeds in October, four market and industry sources said on Friday, amid a surge in global and domestic prices.
* French farmers had sown 78% of the expected soft wheat area for next year's harvest by last Monday, ahead of the area sown by the same stage last year, FranceAgriMer said, in a sign that this month's dry weather allowed field work to speed up.
* Commodity funds were net buyers of Chicago Board of Trade soybean, soyoil, soymeal, corn and wheat futures contracts on Friday, traders said.
MARKETS NEWS
* A gauge of global stocks was set for its biggest weekly drop in two months and the 10-year U.S. Treasury yield hit its highest level in 5-1/2 months on Friday as economic data and comments from Federal Reserve officials suggested a slower pace of interest rate cuts ahead.
Reporting by Peter Hobson; Editing by Varun H K
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