Soybeans rise for second session on bargain-buying; wheat up 1%
SINGAPORE, Aug 15 (Reuters) -Chicago soybean futures extended gains on Thursday, as bargain-buying underpinned the market which dropped to its weakest in four years in the previous session due to supply pressure.
Wheat gained more ground, while corn rose more than 1%.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 rose 0.3% to $9.71-1/4 a bushel, as of 0011 GMT, after dropping to its lowest since 2020 in the last session.
* Wheat Wv1 gained 1.03% at $5.40-1/4 a bushel and corn Cv1 was up 0.3% at $4.02 a bushel.
* The U.S. Department of Agriculture (USDA) raised its forecast for 2024/25 U.S. soybean production to a record level in a monthly outlook on Monday.
* The lower cost of growing soy versus corn, floods in some areas and a quick winter-wheat harvest drove the U.S. government to raise its soybean-production forecast to a record high, farmers and analysts said.
* The weather outlook remained benign for corn and soybean crops in the U.S. Midwest.
* Argentina's current 2023/24 corn harvest will likely reach 49 million metric tons, the Rosario grains exchange said on Wednesday, up about 3% compared to its previous forecast of 47.5 million tons.
* However, traders are monitoring drought in Ukraine where producers warned that the corn crop could shrink by a third from last year if there is no rain relief.
* Cheaper Black Sea supplies remained a drag on wheat prices. Egypt's state grains buyer said it bought 280,000 tons of wheat in a tender on Monday, falling well short of its target of 3.8 million tons.
* This year's rain-affected French soft wheat crop that is set to bring the smallest volume since the 1980s is also showing mixed milling quality, mainly for test weights, farm office FranceAgriMer said on Wednesday.
MARKET NEWS
* Global stocks held steady and government bond yields retreated a touch on Wednesday, after data showed U.S. consumer prices rose moderately in July, as expected, reinforcing investor bets that the Federal Reserve could start cutting interest rates soon. MKTS/GLOB
DATA/EVENTS (GMT)
0200 China Urban Investment (YTD) YY July
0200 China Retail Sales YY July
0800 China Unemp Rate Urban Area July
0600 UK GDP Est 3M/3M June
0600 UK GDP Estimate MM, yy June
0600 UK Services MM, YY June
0600 UK Manufacturing Output MM June
0600 UK GDP Prelim YY, QQ Q2
1230 US Import Prices YY July
1230 US Initial Jobless Clm Weekly
1230 US Philly Fed Business Indx August
1230 US Retail Sales MM July
1315 US Industrial Production MM July
Reporting by Naveen Thukral; Editing by Rashmi Aich
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