Chicago grain future rallied on robust growth data from China

13:15, April 16, 2010      

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Soybeans futures in Chicago Board of Trade hit a three-month high, corn and wheat both surged on Thursday, as upbeat economic data from China strengthened the outlook for U.S. agriculture export demand.

Soybean future for May delivery gained 15 cents to settle at 9. 84 U.S. dollars per bushel. May corn rose 5.25 cents to 3.6325 dollars a bushel. May wheat was up 5.5 cents to 4.8025 dollars a bushel.

The National Bureau of Statistics of China announced on Thursday that China's economy expanded 11.9 percent year on year in the first quarter, suggesting a solid economic recovery, which has boosted soybean and corn price to offset the negative effect of the strengthened dollar and weaker oil, as China remains the largest soybean importer and second-largest consumer of corn.

Traders noted that USDA's weekly report released early Thursday was considered bullish for both soybean and corn, and bearish for wheat. The report said that net weekly export sales for corn as of April 8 totaled 1,147,200 tons, which was higher than the previous estimate ranging from 800,000 to 1,000,000 tons. Trader also indicated the rainfall in Argentina which is slowing harvest progress for corn and soybean was also considered as a supportive factor.

Trader indicated that although the rallied dollar and lower- than-expect weekly export sale have added to downward pressure on wheat, the strength in corn and soybeans outweighed the impact of negative factors and lifted the wheat.



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