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GRAINS-Wheat slips on bumper harvest as soy rises on exports

by Clay Jacques (2020-07-18)

By P.J. Huffstutter

CHICAGO, June 18 (Reuters) - Chicago wheat futures slid yet again on Thursday, dropping to their lowest in more than eight months amid a bumper U.S.
harvest and well-timed European rains.

Soybeans edged higher, as corn eased on the potential of crop-friendly weather across the U.S. Corn Belt.

The most-active soybeans contract on the Chicago Board of Trade was up 0. If you have any concerns pertaining to where and how to use offering bumper repair, you can call us at the web page. 26% at $8.73-1/2 a bushel at 11:05 a.m.

CDT (1605 GMT), while corn slipped 0.15% to $3.29-3/4 a bushel.

The most-active CBOT wheat contract was down 0.87% at $4.84-1/2 a bushel.

Traders said they were awaiting results of an Egyptian wheat tender, the world's biggest buyer, for shipment this summer.

Midwest weather forecasts for rain and easing temperatures in the week ahead tempered concern about stressed corn after a recent hot, dry spell.

Earlier in the session, corn futures saw some support from market talk of Chinese buyers potentially interested in buying U.S.

ethanol, three traders said. As of Thursday morning, there was no confirmation of any such export sales.

Soybeans were bolstered by stronger than expected export demand, and the fact that South American supplies are shrinking amid aggressive Chinese buying, traders said.

"Brazil is going to exhaust their soybean supplies earlier this year than normal, and they´ve been seeing record sales in April and May," said Joe Vaclavik, president of Standard Grain. "That is opening the door for U.S. exporters earlier than normal, and creating an opportunity - particularly for new crop beans."


soybean exports totalled 1.920 million tonnes for the period ending June 11. They included 1.353 million tonnes sold to China, the biggest weekly total for the world's top soybean buyer since September, the U.S. Agriculture Department said. (Additional reporting by Naveen Thukral and Maytaal Angel; Editing by Elaine Hardcastleand Tom Brown)