* Rising cash basis, hefty exports lift corn
* Soybeans range-bound on solid demand, big S.America crop
* Soyoil surges 3 percent amid palm oil rally
* Wheat supported by good exports, world supply worries
(Rewrites throughout, adds quotes, updates prices, changes
dateline from PARIS/SINGAPORE, changes byline)
By Karl Plume
CHICAGO, Nov 21 (Reuters) - U.S. corn futures climbed for
the second time in three days on Thursday, gaining more than 1
percent on a strengthening cash market and persistently large
weekly export sales.
Soybeans posted modest gains, underpinned by solid demand
for U.S. supplies but capped by expectations for a large South
American crop next spring. A three-percent surge in soyoil amid
good export sales and soaring palm oil prices was only minimally
supportive to soybeans.
Wheat edged higher on good export demand and concerns about
global supplies amid adverse weather in key exporters Australia
"The corn price action today is founded upon the technical
turnaround from earlier in the week. We followed that up with a
strengthening cash basis," said Mike Zuzolo, president of Global
"We're seeing the corn basis push higher in some areas that
had very, very good crops. And for the third week in a row, corn
export sales were near or above one million tonnes and a third
of that was for China," he said.
The U.S. Department of Agriculture said net corn export
sales last week totalled 945,100 tonnes for
current-marketing-year shipment, at the high end of trade
expectations for 750,000 to 950,000 tonnes.
Chicago Board of Trade December corn rose 6 cents, or
1.4 percent, to $4.23 per bushel by 10:55 a.m. CST 1655 GMT)
after hitting a three-year spot-contract low of $4.10-3/4 on
CBOT January soybeans gained 8-3/4 cents, or 0.7
percent, to $12.82-1/2 a bushel, with the day's trading range
sandwiched between the 200-day moving average of about $12.74
and the 100-day moving average of about $12.87.
December soyoil surged 1.19 cents, or 3 percent, to
41.51 cents per lb, the strongest percentage gain in nearly
"It's the palm oil that's driving soybean oil up. Malaysian
palm jumped to multi-month highs because of declining stocks in
Malaysia," said Sterling Smith, futures specialist for
"Also, palm oil can't be used for biofuels in the Northern
Hemisphere in the winter because it gels ... so that is
improving demand for soybean oil and canola," Smith said.
CBOT December wheat added 1-1/4 cents, or 0.2 percent,
to $6.48-1/2 a bushel.
Rains in Western Australia and frost on the country's east
coast have hit wheat crops in the world's No. 2 exporter,
dragging down quality and reducing harvests.
Poor weather also curbed wheat output in fellow southern
hemisphere producer Argentina. The Rosario Grains Exchange
forecast that country's wheat crop at 9.1 million tonnes in its
first estimate of the season, well below the 11-million-tonne
view of the U.S. Department of Agriculture.
Heavy rains in Europe have disrupted the sowing of winter
wheat in France and may lead to some loss in planned area, but
conditions have been generally favorable in Germany and
plantings are up sharply in Britain.
Prices at 11:06 a.m. CST (1706 GMT)
LAST NET PCT YTD
CHG CHG CHG
CBOT corn 422.75 5.75 1.4% -39.5%
CBOT soy 1283.50 9.75 0.8% -9.5%
CBOT meal 405.20 -1.80 -0.4% -3.7%
CBOT soyoil 41.61 1.29 3.2% -15.4%
CBOT wheat 649.25 2.00 0.3% -16.5%
CBOT rice 1580.50 12.00 0.8% 6.4%
EU wheat 206.75 1.25 0.6% -17.4%
US crude 95.30 1.44 1.6% 3.8%
Dow Jones 15,996 95 0.6% 22.1%
Gold 1242.46 -.13 0.0% -25.8%
Euro/dollar 1.3468 0.0030 0.2% 2.1%
Dollar Index 81.0280 -0.0840 -0.1% 1.6%
* CBOT futures prices are in cents per bushel, Paris futures in
euros per tonne, WTI crude oil in dollars per barrel.
(Additional reporting by Sam Nelson; Editing by Phil Berlowitz)