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GRAINS-Soybeans recover from 3-week low; bumper crop…

SINGAPORE, Aug 5 – Chicago soybean futures ticked higher on Wednesday as the market recovered from the previous session’s sharp decline, although expectations of a bumper U.S. harvest curbed gains.

Corn rose after Tuesday’s deep losses, while wheat gained for the first time in three sessions.


* The most active soybean futures on the Chicago Board Of Trade (CBOT) added 0.3% to $8.84-1/4 a bushel by 0013 GMT, after dropping to its lowest since July 15 at $8.79 a bushel in the previous session.

* Corn rose 0.5% to $3.21-3/4 a bushel, recovering from its lowest since June 29 at $3.20 a bushel and wheat firmed 0.2% to $5.09 a bushel.

* Commodity brokerage StoneX, formerly known as INTL FCStone, on Monday projected U.S. 2020 corn production at 15.320 billion bushels, with an average yield of 182.4 bushels per acre (bpa).

* Brokerage forecast this year’s U.S. soybean harvest at 4.496 billion bushels, with an average yield of 54.2 bpa.

* The U.S. Agriculture Department’s weekly crop conditions report on Monday afternoon rated 72% of the U.S. corn crop and 73% of the soybean crop as ‘good-to-excellent’, bolstering expectations for massive production.

* Brazilian soybean production will hit a record 132.6 million tonnes next season, as demand from China remains strong and farmers intend to expand acreage, according to a forecast from agribusiness consultancy StoneX on Tuesday.

* Egypt’s General Authority for Supply Commodities (GASC) set a tender on Tuesday to buy an unspecified amount of wheat from global suppliers for shipment from Sept. 11-20 and/or Sept. 21-30.

* Ukrainian grain traders union UGA on Tuesday increased Ukraine’s 2020 corn harvest forecast to 38.9 million tonnes from 36.8 million tonnes.

* Commodity funds were net sellers of CBOT corn, soybean, wheat, soymeal and soyoil futures contracts on Tuesday, traders said.


* Asia shares were set to open lower on Wednesday, following a choppy trading session on Wall Street and losses in Europe.

DATA/EVENTS (GMT) 0030 Japan Services PMI July 0145 China Caixin Services PMI July 0500 India IHS Markit Svcs PMI July 0600 UK Reserve Assets Total July 0750 France Markit Serv, Comp PMIs July 0755 Germany Markit Services PMI July 0755 Germany Markit Comp Final PMI July 0800 EU Markit Serv, Comp Final PMIs July 1230 US International Trade June 1345 US Markit Serv, Comp Final PMIs July 1400 US ISM N-Mfg PMI July (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)

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