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Soybeans get boost from higher soymeal prices
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Wheat dips on profit-taking
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Dollar fall also underpins U.S. grain futures
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(Updates prices, adds quotes, changes headline, changes
bullets, changes byline, changes dateline from previous
PARIS/SINGAPORE)
By Cassandra Garrison
MEXICO CITY, April 13 (Reuters) - Chicago soybean
futures rose to a one-week high on Thursday after participation
fell short of expectations in Argentina's "soy dollar" program,
and wheat dipped after three days of highs.
A weaker dollar also lent support to Chicago futures.
Wheat eased on profit taking after trending higher for three
consecutive sessions, according to Terry Reilly, a senior
analyst at Futures International.
Corn edged up as the U.S. Agriculture Department said
private exporters reported the sale of 327,000 tonnes of corn to
China, 191,000 tonnes for delivery in the 2022/23 marketing year
and 136,000 tonnes for delivery in 2023/24.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.32% at $15.09 a bushel by 1015 CDT (1515 GMT), after climbing earlier to its highest since April 5 at $15.22-1/4. "Argentina producers only sold 300,000 tonnes of beans for the new soybean dollar over a three day period, so that means a little bit less meal on the market from Argentina and that's driving the U.S. (prices) higher," Reilly said.
CBOT corn added 0.19% to $6.57-1/4 a bushel, after touching a one-week high earlier. CBOT wheat lost 1.29% to $6.70-3/4 a bushel.
The USDA said export sales of wheat totalled 203,500 tonnes, corn export sales totalled 527,700 tonnes and soybean export sales totalled 430,500 tonnes in the week ended April 6. Brazilian farmers will produce a record 153.6 million tonnes of soybeans this season, according to a report by statistics agency Conab, an increase of 2.2 million tonnes compared to a March forecast as harvesting draws to a close in the world's biggest exporter of the oilseed. Argentina's Rosario grains exchange on Wednesday further cut its forecast for the 2022/2023 soybean harvest to 23 million tonnes, down from the 27 million tonnes previously estimated, as a historic drought pummels the country's agricultural sector. China's March soybean imports rose 8% from the same month a year earlier, data showed on Thursday, bringing first quarter arrivals to a record even as demand failed to pick up as expected. (Reporting by Cassandra Garrison in Mexico City, Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Sonia Cheema, Kirsten Donovan and Krishna Chandra Eluri)
