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Evening markets: beans boosted by export data

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Robust export data helped soybeans shine on what was, in the main, an uninspiring day for agricultural commodities.

The other notable outperformer was New York orange juice, which added 1.5% to 77.95 cent a pound for the July contract - breaking a 12-day losing streak.

However, while traders attributed juice's rise to bargain hunting, they credited some fundamentals to beans' performance.

Weekly export sales came in at 251,000 tonnes including, importantly, 109,000 tonnes destined for China. Fears for a slowdown in China's soybean stockpiling have continued to nag at sentiment in recent weeks.

July soybeans stood up 17.25 cents at $12.23 ½ a bushel in Chicago at 17:30 GMT, with new crop contracts showing smaller gains.

Wheat slips

Export news was not so helpful for wheat, however, with the market disappointed by Egypt's cancellation of a tender to buy cargoes of 30,000-60,000 tonnes of optional origin wheat.

Korea Flour Mills, meanwhile, blamed high prices for a decision to pass on a tender to buy 19,500 tonnes of US wheat.

Furthermore, good weather is seen as helpful to the winter wheat harvest which is starting in Kansas, America's top wheat-growing state.

July wheat lost 5.75 cents to $5.60 ½ a bushel.

At least European wheats held firm, as traders digested the latest estimates from Strategie Grains, the Paris-based analysis group, which while noting a "rather bearish" outlook for prices thanks to sagging imports, also cut its estimate for production.

August wheat closed unchanged at E140.00 a tonne in Paris, with London wheat for July ending flat at £105.50 a tonne.

Sugar crushed

Among softs, cocoa managed a small rise in New York, up 0.2% at $2,545 a tonne, rebounding from a three-week low.

London cocoa managed a similar improvement, up 0.2% at £1,637 a tonne for September delivery.

But sugar was hurt by data showing a 44% rise to 76.4m tonnes in the cane crush in centre-south Brazil.

New York raw sugar for October dropped 0.6% to 15.86 a pound.

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