Improving export demand boosts US wheat, but not soybeans

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Chicago Board of Trade (CBOT) wheat futures surged on Thursday for the second consecutive session amid improving export demand, while newly reported soybean sales to China failed to boost the oil seed prices.

Egypt's state grain importer GASC recently secured 180,000 metric tons of Romanian and Russian wheat for early February arrival. GASC paid an average price of 242 dollars per metric ton, compared to 237 dollars for a tender last week.

Egypt, the world's largest wheat buyer, also purchased 120,000 metric tons from U.S. suppliers last week.

The rising prices and demand for U.S. wheat boosted the grain futures.

The USDA confirmed the new order from China as the two countries agreed to push forward trade talks. However, the export sales for delivery to China failed to further drive up CBOT soybeans due to profit-taking following gains in the past two days.

Private exporters reported on Thursday to the U.S. Department of Agriculture (USDA) export sales of 1,130,000 metric tons of soybeans for delivery to China during the 2018/2019 marketing year.

"It's been a classic buy the rumor/sell the fact trade in Chicago," AgResource, a Chicago-based agricultural research firm wrote in a commentary.

At the end of the session, CBOT January 2019 soybeans were down 13 cents, or 1.41 percent to settle at 9.07 dollars per bushel. March wheat was up 9.5 cents, or 1.8 percent to settle at 5.36 dollars. March corn was down 1 cent, or 0.26 percent to close at 3.8425 dollars per bushel. 

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