Thursday, 27 September 2012 09:35
SYDNEY: US soybeans rose on Thursday to hover below $16 a bushel, as investors looked for bargains following declines in the previous session when renewed concerns over the euro zone debt crisis and the record pace of the US harvest dragged on prices.
Corn, which hit a near three-month low on Wednesday, and wheat both climbed as well.
Chicago Board Of Trade November soybeans gained 0.48 percent to $15.80-1/2 a bushel, after closing down 2.39 percent on Wednesday.
December corn rose 0.21 percent to $7.26-1/4 a bushel, after falling 2.56 percent in the previous session.
December wheat climbed 0.4 percent to $8.72-3/4 a bushel, having closed up 1.95 percent on Wednesday.
Corn futures were weighed by US crude oil falling 1.5 percent and ethanol production in the United States slumping 3 percent last week to a two-month low.
Analysts polled by Reuters expect US corn and soybean stocks as of Sept. 1 to be the lowest in eight years at the end of the 2011/12 season (Sept/Aug).
China's corn imports are expected to drop just over 60 percent next year, according to a Reuters poll.
Egypt's state grains buyer purchased 300,000 tonnes of Romanian and French wheat in a snap tender.
It did not buy any wheat from Russia, which has been a major supplier to the country in the past month.
The absence of Russian wheat sales could reinforce speculation that one of the world's top wheat exporters is running out of supplies for export after a drought slashed its harvest this year.
Copyright Reuters, 2012