US soyabean futures climbed for a second straight day early on Thursday and neared a seven-month high, supported by good export demand related to a drought-damaged South American crop and short covering ahead of a three-day holiday weekend. Stronger-than-expected weekly export sales data supported corn, although gains in nearby months were capped by unwinding of bull spreads.
Wheat gained 1 percent on spillover support from corn and on short-covering following a sharp fall the previous session. Volumes were light and many traders were squaring positions ahead of the Good Friday holiday in the United States and a government supply and demand report on Tuesday. European grain futures markets are closed on Friday and Monday for Easter.
The US Department of Agriculture will update its monthly world supply and demand estimates and ending stocks forecasts next Tuesday. Chicago Board of Trade May soyabeans gained 13 cents, or 0.9 percent, to $14.32-1/2 a bushel by 11:25 am CDT (1625 GMT) after matching a 7-month high of $14.34-1/4. The market was poised for a second straight weekly gain.
CBOT May corn was up 1-1/2 cents, or 0.2 percent, at $6.58-1/4 per bushel, while new-crop December futures rose 3 cents, or 0.5 percent, to $5.47-1/4. Corn was poised for its first weekly gain in three weeks. CBOT May wheat gained 1-1/2 cents, or 0.2 percent, to $6.40-3/4 a bushel but was on track for a weekly loss of around 3 percent.
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