* Soybeans show the biggest gain in 2 weeks
* Corn rises and falls with oil
* Wheat after 2 days of losses on the strong ruble (New throughout, updates prices, market activity and comments; adds weekly trends)
By Christopher Walljasper
CHICAGO, April 9 (Reuters) – Chicago soybean and wheat futures posted their strongest gains in two weeks on Thursday as the weaker US dollar made exports more attractive to Canadian grain producers. ‘South America and the Black Sea.
Corn futures prices shot up early on the back of strong export sales to the United States and early rise in crude oil prices, but settled only slightly higher than the previous day as oil slipped late in the day.
Cereal markets largely ignored the US Department of Agriculture’s (USDA) monthly report on global estimates of supply and demand for agriculture released during Thursday’s session, many agency forecasts said. already being widely integrated into the market.
The dollar to the ruble rate fell 3.2%, boosting the outlook for US wheat exports, while soybeans benefited from the 1% improvement in the Brazilian real against the dollar.
“General support for grains has more to do with currencies than anything else,” said Charlie Sernatinger, global grain futures manager at ED&F MAN Capital Markets. “All emerging currencies were strong against the dollar today.”
The soybean futures price in May rose 1%, the largest jump since March 23. Soybeans were also boosted by reports of a weaker Brazilian harvest, as the Brazilian CONAB reduced its crop projection by almost 2 million tonnes. The American crop still faces record exports from its South American rival.
Wheat futures rose, although gains continued to face headwinds due to expectations of a larger US crop than analysts had expected.
The United States Department of Agriculture reported export sales of old crop corn during the week ended April 2 at 1,848,900 tonnes, above expectations and a peak for the marketing year that began September 1st.
“It’s a little disappointing to see us not responding a little better,” said Rob Hatchett, analyst at Doane Advisory Services. “The destruction of ethanol demand overshadows the positive.”
The Chicago Board of Trade (CBOT) most active soybean contract gained 9 cents at $ 8.63-1 / 2 a bushel. Its 1.1% weekly increase was the third weekly gain in four weeks.
Corn rose 1-3 / 4 cents to $ 3.31-3 / 4 a bushel, ending the week up 0.3%. CBOT wheat added 8-1 / 4 cents to close at $ 5.56-1 / 2 a bushel, ending with a weekly gain of 1.3%, its third weekly increase in four weeks.
The future of corn has declined recently, as the new coronavirus has disrupted demand for ethanol, an important market for grain. In the United States, ethanol plants have closed because people avoid traveling to limit the spread of the virus. (Report by Christopher Walljasper in Chicago; additional reports by P.J. Huffstutter and Julie Ingwersen in Chicago, Naveen Thukral in Singapore and Sybille by La Hamaide in Paris; Edition by David Gregorio)