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GRAINS-Soybeans up for 2nd day as Argentina port strike threatens supply

* Soybeans underpinned by Argentina port strike

* Corn prices dip, lower crop condition rating limits losses

(Adds comment, detail) SINGAPORE, June 1 (Reuters) - Chicago soybean futures edged higher on Thursday, rising for a second session as a port strike in Argentina threatened to disrupt supplies from the world's third largest exporter of the oilseed. Corn prices eased but stayed near an eight-day high touched the day before, with losses curbed by a U.S. government report that pegged the condition of crops below market expectations. The Chicago Board of Trade most-active soybean contract had advanced 0.1 percent to $9.16-3/4 a bushel by 0255 GMT, after closing up 0.4 percent on Wednesday. Corn fell 0.1 percent to $3.71-1/2 a bushel. The market rose 1.4 percent in the previous session to its strongest since May 22 at $3.76-1/2 a bushel. Wheat rose 0.3 percent to $4.30-1/2 a bushel, having closed the last session little changed. "The Argentina port strike is supporting soybeans, the situation is not good for soybean supplies," said Kaname Gokon from Tokyo brokerage Okato Shoji. "We don't expect huge gains though as Brazilian exports are flooding the market." Private port grains inspectors in Argentina started a 48-hour wage strike on Wednesday, after government health inspectors called a three-day work stoppage a day earlier, also over pay. Wednesday's strike by the URGARA inspectors' union will halt movement of soymeal and other grains byproducts, while the work stoppage announced on Tuesday by government sanitary inspection unit Senasa stopped movement of soybeans and other raw crops. Corn was supported after the U.S. Department of Agriculture's first weekly corn condition ratings for 2017, which showed 65 percent of the crop was in good to excellent condition. The figure fell below an average of analyst expectations for 68 percent and was down from 72 percent a year ago. It raised concerns that the crop might not be able to meet the government's initial yield projection of 170.7 bushels per acre, based on historical trends. The USDA rated 50 percent of the U.S. winter wheat crop in good to excellent condition, down from 52 percent the previous week. Egypt's state grain buyer GASC bought 180,000 tonnes of wheat in an international purchase tender, including 120,000 tonnes of Russian and 60,000 tonnes of Romanian origin. GASC passed on offers of U.S. hard red winter wheat. Commodity funds were net buyers of CBOT corn and soybean futures contracts on Wednesday.

Grains prices at 0255 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 430.50 1.25 +0.29% +0.23% 432.54 53 CBOT corn 371.50 -0.50 -0.13% +1.23% 369.68 54 CBOT soy 916.75 0.75 +0.08% +0.44% 956.83 26 CBOT rice 11.11 -$0.02 -0.18% -0.67% $10.34 65 WTI crude 48.70 $0.38 +0.79% -1.93% $48.77 43

Currencies

Euro/dlr $1.124 $0.000 +0.01% +0.53% USD/AUD 0.7386 -0.004 -0.58% -1.05%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Naveen Thukral; Editing by Joseph Radford)