* Grain markets see positioning ahead of USDA report
* Renewed talk of Russian export curbs supports wheat
(Updates with European trading, changes byline/dateline)
By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, Dec 10 (Reuters) – Chicago grain and soybean futures rose
for a second straight session on Thursday, recouping losses from the last week
ahead of a widely followed U.S. government crop report.
Traders are awaiting the U.S. Department of Agriculture’s (USDA) world
supply and demand report at 1700 GMT to gauge the impact of dry weather on South
American harvest prospects, and strong Chinese demand on exports.
Wheat prices got an additional boost from renewed signs Russia may curb
exports, traders said.
Prime Minister Mikhail Mishustin said Russia, the world’s largest wheat
exporter, would prepare measures to stabilise domestic food prices, and sources
told Reuters the government is considering a grain export quota and wheat export
The most-active wheat contract on the Chicago Board Of Trade (CBOT)
ended the overnight session up 2.3% at $5.96-3/4 a bushel, after earlier
touching a 10-day high at $5.98-1/2.
CBOT soybeans were up 1.0% at $11.69-3/4 a bushel and corn added
0.7% to $4.26-3/4 a bushel.
“The latest bearish elements, mainly the rains in South America and the
production estimates in Australia, now seem to be integrated and the markets are
once again turning to the demand dynamics on the international scene,”
consultancy Agritel said.
Chinese demand has underpinned grain markets in recent months, although
there has been a lull in U.S. soybean sales in recent days.
Weekly U.S. export sales data confirmed brisk overseas demand for U.S. corn.
The market was watching to see if the USDA will increase again its outlook
for Chinese maize imports, with traders sceptical of official Chinese estimates
(Reporting by Gus Trompiz in Paris and Naveen Thural in Singapore; Editing by
Subhranshu Sahu and Barbara Lewis)
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