* Wheat up for 4 out of 5 sessions on demand hopes
* Market eyes Egypt wheat tender, poor output in Argentina
* Soybeans climb to 2-month high on strong demand
(Adds details, quotes)
By Naveen Thukral
SINGAPORE, Nov 27 (Reuters) - Chicago wheat edged higher on
Wednesday, rising for four out of five sessions, as expectations
of strong demand for U.S. supplies underpinned the market with
Egypt, the world's top importer, intending to buy cargoes.
Soybeans rose half a percent to its highest in just over two
months as China's relentless purchases buoyed the market, while
corn remained under pressure from a record U.S. harvest which is
Egypt's main wheat-buying agency, the General Authority for
Supply Commodities, set a tender on Tuesday to buy an
unspecified amount of wheat from global suppliers.
The market is expecting U.S. wheat exporters to secure some
business in Egypt after prices fell to a two-month low earlier
"For wheat, support is coming from expectations of higher
demand for U.S. wheat while there are concerns regarding
harvests in Australia and Argentina," said Vanessa Tan,
investment analyst at Phillip Futures Singapore.
"Furthermore, export prices for Russian wheat have risen too
far compared to global prices."
Wheat futures have gained the last few sessions as crops in
Australia and Argentina face unfavourable weather which could
result in more demand for U.S. wheat.
Chicago Board Of Trade front-month wheat rose 0.4
percent to $6.49-1/4 a bushel by 0312 GMT, while January
soybeans gained 0.6 percent to $13.37-1/4 a bushel, the
highest since September 20.
The spot-month corn added 0.2 percent to $4.19-1/4,
after having slid 1.5 percent on Tuesday.
The soybean market has been supported by strong demand from
China, the world's biggest buyer.
U.S. exporters reported the sale of 360,000 tonnes of U.S.
soybeans to unknown destinations for delivery during the 2013/14
marketing year, the U.S. Department of Agriculture said on
On Monday, the USDA said that exporters had sold 120,000
tonnes of U.S. soybeans to unknown destinations for 2014/15
delivery. That was on top of sales confirmed on Friday of
115,000 tonnes to China.
Corn is facing headwinds as U.S. farmers finish harvesting
an all-time high crop.
U.S. corn production will set a record high of 13.989
billion bushels this year, exceeding last year's
drought-shortened harvest by 30 percent, the USDA said on Nov.
The U.S. corn harvest was 95 percent complete by Sunday,
ahead of the five-year average of 91 percent for this point in
the year and in line with trade expectations.
Commodity funds sold a net 9,000 CBOT corn contracts on
Tuesday, trade sources said. They were net even in soybeans and
Grains prices at 0312 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 659.25 3.25 +0.50% +0.46% 672.73 43
CBOT corn 419.25 0.75 +0.18% -0.71% 429.40 42
CBOT soy 1337.25 8.00 +0.60% +1.35% 1285.05 71
CBOT rice $15.69 -$0.05 -0.35% -0.19% $15.53 47
WTI crude $93.43 -$0.25 -0.27% -0.70% $95.58 39
Euro/dlr $1.357 $0.006 +0.41% +0.09%
USD/AUD 0.912 -0.003 -0.37% -0.46%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Miral Fahmy)