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GRAINS-Soybeans underpinned by export hopes, wheat and corn firm

* Soybeans underpinned by hopes for strong U.S. exports

* Firmer Black Sea wheat prices support Chicago wheat

(Recasts with European trade, adds new comment, changes dateline) HAMBURG, Sept 5 (Reuters) - Chicago soybean futures rose on Tuesday to the highest in almost a month as expectations of strong demand for U.S. supplies supported prices. Wheat rose as firm prices in the Black Sea region, a rival exporter to the United States, also boosted U.S. export prospects. Chicago Board of Trade November soybeans rose 1 percent to $9.60 a bushel at 1031 GMT, the highest since Aug. 10. December wheat rose 1.3 percent to $4.44-3/4 a bushel, after rising about 1 percent on Friday. December corn rose 0.8 percent to $3.58-1/4 a bushel, having fallen 0.7 percent on Friday. U.S. markets were closed on Monday for the Labor Day holiday. U.S. soybeans were looking attractive to buyers after sharp falls since mid-July. "Export hopes are helping to support soybeans today, with U.S. soybeans looking competitive," Matt Ammermann, commodity risk manager at INTL FCStone, said. "Strong demand has been present from China for some time and if new Chinese demand comes in big style, it will be the U.S. that will probably be the seller." "Risk also remains for U.S. soybean crop yields but attention is now moving from the U.S. harvest to demand, as there seems to be a consensus developing about the general level that the U.S. soybean yields may reach," Ammermann said. "The market is also looking at unfavorable weather for Brazilian soybeans. It is perhaps rather early to get too worried about Brazil's crop. But any harvest reduction in Brazil could transfer more export sales to the U.S." Soybeans were also supported by expectations of increased demand for soy-based biodiesel after the U.S. government imposed tariffs on imports of Argentine biodiesel. In wheat, Russian prices were firm in dollar terms because of exchange rate factors. "The wheat market has been weakened recently by the forecasts of a larger and larger Russian wheat harvest," Ammermann said. "But there are indications of strengthening Russian wheat prices in dollar terms, which would help U.S. export competitiveness." "Corn is seeing support after falling steadily since July. If consumers have a requirement they could see a buying opportunity." "We are seeing less fear about the yield potential in the U.S. crop. As with soybeans, the corn market is also getting a greater idea about the likely size of U.S. corn yields following the series of recent forecasts." Informa Economics on Friday raised its estimate of the U.S. 2017 corn yield to 169.2 bushels per acre (bpa) from 165.9 bpa a month ago. Grains prices at 1031 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 445.00 6.25 +1.42% +8.47% 411.72 67 CBOT corn 358.25 3.00 +0.84% +2.43% 349.07 47 CBOT soy 959.75 10.25 +1.08% -5.93% 994.70 62 CBOT rice $12.94 -$0.01 -0.04% +31.91% $10.11 75 WTI crude $47.93 $0.64 +1.35% +0.93% $47.40 57

Currencies

Euro/dlr $1.190

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

(Reporting by Michael Hogan; additional reporting by Naveen Thukral; editing by David Clarke)