GRAINS-Soybeans climbs over 4-year peak on Brazil's dry weather, strong demand

SINGAPORE, Nov 5 (Reuters) - Chicago soybean futures jumped to their highest in more than four years on Thursday, rising for a third consecutive session as dry weather in parts of South America and strong demand led by China supported prices.

Corn gained more ground, while wheat rose after closing marginally lower in the last session.


* The most-active soybean contract on the Chicago Board of Trade rose 0.3% to $10.89 a bushel, as of 0203 GMT, after climbing to its highest since July 2016 at $10.91 a bushel earlier in the session.

* Corn added 0.2% to $4.06 a bushel and wheat was up 0.5% at $6.09 a bushel.

* Parts of Brazil’s soybean growing areas have received rains this week, but other areas need moisture, and a La Nina weather pattern remains a risk for crops across South America.

* Traders also have begun looking ahead to the U.S. Department of Agriculture’s (USDA) Nov. 10 supply/demand reports, which some analysts expect to show scaled-back U.S. soybean yields and increased export forecasts.

* U.S. corn ending stocks, currently projected by the USDA at more than 2.1 billion bushels, could also decline due to brisk demand, analysts say.

* “China’s strong return to the U.S. soybean market in recent months has single-handedly lifted U.S. farm exports to the Asian country to new records, and the heavy forward shipping schedule bodes well for the promises outlined in the Phase 1 trade agreement between the two countries,” Karen Braun, a market analyst for Reuters, wrote in a column.

* Most of Ukraine’s winter grain crops sown for the 2021 harvest are in good and satisfactory condition, analyst APK-Inform said on Wednesday, citing weather forecasters.


* Asian share markets firmed, while bonds held big gains as investors awaited a clear result from the U.S. election, with the likely prospect of policy gridlock seemingly warmly welcomed by Wall Street overnight.

DATA/EVENTS (GMT) 0030 Japan Services PMI Oct 0700 Germany Industrial Orders MM Sept 1200 UK BOE Bank Rate Nov 1200 UK GB BOE QE Corp Nov 1330 US Initial Jobless Clm Weekly 1900 US Federal Open Market Committee announces its decision on interest rates followed by statement (Reporting by Naveen Thukral; Editing by Rashmi Aich)