* Strong exports, firmer soymeal supports soybeans
* Wheat rises amid supply worries, corn flat on profit
(Rewrites throughout, adds quotes, updates prices, changes
byline, changes dateline from PARIS/SINGAPORE)
By Karl Plume
CHICAGO, Nov 22 (Reuters) - U.S. soybean futures rallied 1.5
percent on Friday on firm cash markets, good export demand and
spillover strength from higher soymeal futures, which surged 3
Wheat futures edged higher for a second straight day, aiming
for the first weekly gain in a month, amid concerns about crops
in key southern hemisphere exporters.
Corn touched a one-week high on strong demand but later
slipped on light profit taking, with prices anchored by ample
U.S. supplies following a record-large harvest.
The U.S. soybean crop is also expected to be a bumper on.
The U.S. Department of Agriculture, in a monthly report on Nov.
8, forecast U.S. soybean exports in the 2013/14 marketing year
at 1.45 billion bushels.
"The trade has realized that USDA will have to increase its
export forecast in the next report. Realistically they might go
up 25 million bushels in the December report and maybe a little
further in the January report," said Rich Nelson, chief
strategist with Allendale Inc.
"We've still have a good deal of export demand to fill for
that January through March time frame."
USDA on Friday confirmed private sales of 115,000 tonnes of
U.S. soybeans to China. That followed a weekly USDA report on
Thursday which showed soybean sales last week well above
Chicago Board of Trade January soybeans added 20-1/2
cents to $13.12 a bushel by 10:44 a.m. CST (1644 GMT), a 1.6
percent gain that was the strongest in two weeks. The contract
was on pace for its second weekly gain in three weeks.
December soymeal futures soared $12.20, or 3 percent, to
$423.20 per ton.
CBOT December corn was unchanged at $4.23 a bushel
after failing to break through its 20-day moving average of
$4.25-1/4. Still, the contract remained poised for its first
weekly gain in five weeks.
CBOT December wheat added 3 cents, or 0.5 percent, to
$6.51-3/4 a bushel and also was on pace for the first weekly
advance in five weeks.
Wheat remained supported by worries about a reduced crop and
quality in No. 2 exporter Australia, where rains have marred
harvesting. Concern about a smaller-than-anticipated Argentine
crop, which could bolster U.S. exports, was also supportive.
Prices at 10:51 a.m. CST (1651 GMT)
LAST NET PCT YTD
CHG CHG CHG
CBOT corn 424.00 1.00 0.2% -39.3%
CBOT soy 1312.25 20.75 1.6% -7.5%
CBOT meal 422.80 11.80 2.9% 0.5%
CBOT soyoil 41.28 -0.26 -0.6% -16.0%
CBOT wheat 651.75 3.00 0.5% -16.2%
CBOT rice 1582.50 1.50 0.1% 6.5%
EU wheat 206.50 -0.25 -0.1% -17.5%
US crude 94.69 -0.75 -0.8% 3.1%
Dow Jones 16,026 16 0.1% 22.3%
Gold 1244.99 2.64 0.2% -25.6%
Euro/dollar 1.3548 0.0067 0.5% 2.7%
Dollar Index 80.7150 -0.3580 -0.4% 1.2%
* CBOT futures prices are in cents per bushel, Paris futures in
euros per tonne, WTI crude oil in dollars per barrel.
(Editing by Krista Hughes)