GRAINS-Soy rises in Chicago due to export purchases and dry weather in Brazil

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GRAINS-Soy rises in Chicago due to export purchases and dry weather in Brazil




IMAGE FROM FILE. Soy plants are seen in front of a truck that unloads soy in bag silo on a farm in Chivilcoy, on the outskirts of Buenos Aires, Argentina


© Reuters / AGUSTIN MARCARIAN
IMAGE FROM FILE. Soy plants are seen in front of a truck that unloads soy in bag silo on a farm in Chivilcoy, on the outskirts of Buenos Aires, Argentina


Por Christopher Walljasper

CHICAGO, U.S., Oct 14 (Reuters) – Chicago soybean futures rose on Wednesday, supported by new export sales and dry weather at top exporter Brazil, traders said, in a session in which soybean futures corn and wheat also closed higher.

* The most active soybean contract on the Chicago Stock Exchange gained 12.25 cents at $ 10.5625 per bushel.

* Corn rose 5.25 cents to 3.9650 a bushel and wheat gained 2.75 cents to 5.9675 a bushel.

* New export sales of soybeans were reported when the US harvest is underway.

* “There have been a lot of farmers selling,” said Joe Vaclavik, President of Standard Grain. “I find it remarkable that the market is holding up as well as it is.”

* The US Department of Agriculture reported 264,000 tonnes of soybean exports to China on Wednesday morning.

* The rains in Brazil have been erratic, threatening the soybean planting cycle in the country, industry experts said.

* Corn futures were also supported by exports.

* The U.S. Department of Agriculture reported 420,000 tons of new sales to China on Wednesday for the 2020/2021 marketing year, the first of corn since September 22.

* Wheat operators gauged the importance of dry weather in the southern plains of the United States as winter wheat planting proceeds.

(Reporting by Christopher Walljasper; additional reporting by Naveen Thukral and Sybille de La Hamaide; Edited in Spanish by Javier López de Lérida)

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