(Recasts, updates with U.S. procuring and selling, adds analyst quote, changes byline, dateline; old SINGAPORE/PARIS)
By Price Weinraub
CHICAGO, Aug 26 (Reuters) – U.S. soybean futures rose to their absolute most sensible in bigger than seven months on Wednesday with stepped-up win a query to from China and dry weather threatening to cut Midwest yields supporting prices for the third day in a row, traders talked about.
Corn eased on technical selling and income-taking after rising to a multi-week excessive on Tuesday. Wheat became shut to unchanged, taking a pause after rallying throughout eight of the old nine sessions.
Non-public exporters reported the sale of 400,000 tonnes of soybeans to China for shipping in the 2020/21 marketing yr, the U.S. Agriculture Department talked about on Wednesday morning.
Additionally, hot and dry weather across the Midwest raised concerns in regards to the soybean cut because it nears the quit of their key pattern section following approach-ideal weather throughout planting and early thunder stages.
“The dynamics beget shifted,” talked about Dan O’Bryan, a menace management specialist and broker at High Third Ag Advertising and marketing and marketing. “You are seeing worse weather and better win a query to.”
At 9: 28 a.m. CDT (1428 GMT), Chicago Board of Exchange soybeans for November shipping were up 4-1/4 cents at $9.24-1/2 a bushel. On a continuous foundation, the most-active contract hit its absolute most sensible since Jan. 21.
CBOT December corn became down 1/2 cent at $3.54 a bushel and CBOT December wheat became unchanged at $5.35-1/2 a bushel.
The corn contract became decrease after failing to bewitch out its Tuesday excessive of $3.55 a bushel in a single day. (Additional reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris; Bettering by David Evans and Jonathan Oatis)
