GRAINS-Soybeans rise above $10 a bushel on Chinese demand

14 Sep 2020, 01:49

SYDNEY, Sept 14 (Reuters) - U.S. soybean futures rose above $10 a bushel on Monday as strong demand from China, the world's largest importer, underpinned the market.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.24% at $16.73-1/2 a bushel by 0123 GMT, near the session high of $10.02 a bushel. Soybeans closed up 2% on Friday. * The most active corn futures were up 0.1% at $3.68-3/4 a bushel, near the session high of $3.71 a bushel - the highest since March 13. Corn closed up 1% on Friday. * The most active wheat futures were up 0.2% at $5.43-1/4 a bushel, having closed down 1.1% on Friday.

* The U.S. Department of Agriculture (USDA), in a monthly report, on Friday said U.S. corn and soybean production would be smaller than previously expected because of unfavourable weather last month.

* The USDA left its estimate for soybean exports unchanged from August, despite robust demand from China. The agency, through a daily reporting system, has announced sales to the world's top soybean importer for six consecutive trading sessions.

MARKET NEWS

* The British pound flirted with a 1-1/2-month low against the dollar on fears about no-deal Brexit while the yen looks to a ruling party election to decide a successor to Prime Minister Shinzo Abe.

* Oil prices were mixed with U.S. crude rising as a tropical storm in the Gulf of Mexico forced rigs to shut down, but the gains were kept in check by wider concerns about excess supply and falling demand for fuels.

* Asian shares started higher as hopes of a coronavirus vaccine were rekindled after AstraZeneca resumed its phase-3 trial while sentiment was still cautious ahead of a big week of central bank meetings in UK, Japan and the United States. (Reporting by Colin Packham; Editing by Subhranshu Sahu)