Company News

GRAINS-Soybeans hold firm as dry Argentina crop weather supports

    * Soybeans underpinned by dry weather in Argentina
    * Corn bounces, supported by delayed Brazil planting 
    * Week corn export sales, lull in China demand cap grains
    * Attention turning to next week's USDA supply-demand outlook

 (Updates with European trading, changes byline/dateline)
    By Gus Trompiz and Naveen Thukral
    PARIS/SINGAPORE, March 5 (Reuters) - Chicago soybean prices edged higher on
Friday, on track for a fourth straight weekly gain, as dry weather in Argentina
continued to fuel concern about global supply of the oilseed.
    Corn rose, recovering from a one-week low in the previous session, as
dryness in Argentina and rain that was slowing planting in Brazil offset
disappointment at lower than expected weekly U.S. export sales.
    Wheat ticked down, with showers expected in dry U.S. growing belts and
improved growing conditions in major exporter Russia easing supply worries.
    Price movements were limited as traders looked ahead to monthly U.S.
Department of Agriculture (USDA) crop forecasts next week while also waiting on 
Chinese demand to pick up after a lull since the Lunar New Year holiday.

    The most-active soybean contract on the Chicago Board Of Trade (CBOT)
ended the overnight session up 0.4% at $14.16-1/2 a bushel. The contract had
climbed to a one-week high on Thursday, nearing last week's 6-1/2 year peak.
    "Season 2021 prices continue to creep up on season highs traded recently,"
said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of
Australia in Sydney.
    "Argentina's weather outlook is helping to support prices."
    The Buenos Aires Grains Exchange said it could cut its harvest forecast for
2020/21 soy production in Argentina if it does not rain sufficiently in key
producing areas over the weeks ahead.
    Commodity Weather Group, meanwhile, said a rain deficit in Argentina was
seen "leading to severe yield loss for 30% (of the) soy belt," in the coming 10
    CBOT corn was up 1.3% at $5.39-1/4, regaining ground after a rising
dollar and smaller than anticipated weekly export sales reported by the USDA
pressured prices on Thursday.
    CBOT wheat was down 0.3% at $6.49 a bushel.
    A mild Russian winter has dramatically improved the condition of winter
grain sowings, which were previously hit by a dry autumn, weather forecaster
Hydrometcentre said on Thursday.
    Most Ukrainian winter grain crops are in excellent condition thanks to
favourable weather that could lift the 2021 harvest to a record high above 75
million tonnes, a senior government official said on Thursday.
 Prices at 1403 GMT                                                 
                               Last  Change    Pct      End  Ytd Pct
                                              Move     2020     Move
  CBOT wheat                 649.00   -2.00  -0.31   640.50     1.33
  CBOT corn                  539.25    6.75   1.27   484.00    11.42
  CBOT soy                  1416.50    6.00   0.43  1311.00     8.05
  Paris wheat Mar            234.25   -2.00  -0.85   213.25     9.85
  Paris maize Mar            212.00   -5.00  -2.30   198.50     6.80
  Paris rape May             517.50    2.50   0.49   412.00    25.61
  WTI crude oil               65.71    1.88   2.95    48.52    35.43
  Euro/dlr                     1.19    0.00  -0.35   1.2100    -1.45
 Most active contracts - Wheat, corn and soy US cents/bushel, Paris
 futures in euros per tonne

 (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by
Kirsten Donovan)