Chicago soyabeans edged higher on Thursday on expectations for a rebound in Chinese demand, adding to a big full-year gain, while wheat extended its fall to a new six-month low. Corn was down slightly after closing 1.6 percent lower in the previous session in light holiday-season trade.
"You're looking at a market that's rangebound, with light volume," said Dax Wedemeyer, broker and analyst at Iowa-based US Commodities. Overall, fundamental conditions of supply and demand are becoming more bullish amid unfavourable dry weather for winter wheat in the southern US Plains and recent soyabean purchases by China, Mike Zuzolo, president of Global Commodity Analytics, said in a note to clients.
Soyabeans are on pace for a full-year gain of 19 percent due to the Midwest drought, putting it atop a pack of 19 components of the commodities benchmark Reuters Jefferies CRB Index. But soya's increase has shrunk considerably during the current quarter, which is on pace for the biggest loss in more than three years.
Chicago Board Of Trade March soyabeans added 5-1/4 cents, or 0.4 percent, to $14.29-3/4 a bushel as of 9:35 am CST (1535 GMT). March corn shed 1 cent to $6.92-1/4 a bushel. March wheat was 4-3/4 cents, or 0.6 percent, lower at $7.69-3/4 a bushel, after dropping to $7.66 earlier, the lowest price since early July. The USDA on Wednesday confirmed sales of 115,000 tonnes of US soyabeans to China and 108,000 tonnes to unknown destinations, both for delivery in 2012/13.
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