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CBOT soyabean

CHICAGO: CBOT soyabean futures closed lower on bearish influence from USDA's crop production report, traders said.

"I'm more bearish on beans because beans are an August crop and weather is good so the crop could easily get even bigger," said Steve Bruce of E.D. and F. Man International.

USDA Friday estimated the 1995 U.S. soyabean crop at 2.25 billion bushels, above analysts' expectations for 2.172 billion and above USDA's July forecast for 2.240 billion.

But soyabean ending stocks for 1995-96 were estimated by USDA to total 325 million bushels, the same as the government predicted in July.

Soyabeans closed 3-3/4 to six cents per bushel lower, with August down 3-3/4 at $5.86.

CHICAGO: CBOT soya product futures closed lower on a slide in soyabeans tied to a bearish USDA crop production report, traders said.

USDA Friday estimated 1995 U.S. soyabean production at 2.25 billion bushels, well above average analysts' pre-report expectations for 2.172 billion.

But USDA cut its estimate for 1995-96 soyaoil ending stocks to 1.34 billion lbs, down from its July forecast for 1.415 billion.

The government left unchanged its estimate for 1995-96 U.S. soyameal ending stocks at 250,000 short tons.

Soyaoil closed 0.01 to 0.16 cent per lb lower, with August down 0.01 at 26.32. Soyameal was $1.50 per ton lower to $1.70 higher, with August down $0.80 at $174.00.

CHICAGO: Commercial buying boosted CBOT corn futures to a higher close after a volatile day that saw December move in a 9-3/4-cent-per-bushel range, traders said.

"There were two surprises today, the report was the first one and the second was the amount of commercial buying - it was huge," said Ron Kucha of O'Connor and Co.

Commercials bought at least 60 million bushels of corn futures and that demand brought corn back from a deep hole that was dug early in response to a bearish USDA crop report.

"The report showed there's a big crop and it's getting bigger," said Steve Bruce of E.D. and F. Man International.

USDA Friday estimated the 1995 U.S. corn crop at 8.122 billion bushels, sharply above analysts' pre-report expectations for 7.881 billion and well above USDA's July forecast for 7.785 billion.

The government also increased its estimate for U.S. 1995 corn ending stocks to 787 million bushels, up from its previous estimate for 725 million. But the stocks tally still is at historically low levels and considered bullish.

"You have to look at demand now and with carryout so low it will be difficult to keep corn prices down," Bruce said.

Corn closed 1-1/2 to 3-3/4 cents per bushel higher, with September up 1-1/2 at $2.78-3/4.

CHICAGO: CBOT wheat futures closed strongly higher after a volatile day amid export rumors combined with commercial and fund buying, traders said.

"There were rumors Egypt was looking for more wheat and a rumor that China was in the market," said Ron Kucha of O'Connor and Co.

After the close, talk circulated that China was seeking two million tonnes of U.S. wheat, a trader said.

September tumbled to a session low of $4.19 per bushel in early dealings as speculators sold the market in response to perceptions a USDA crop report was bearish.

But the contract rallied 24-1/2 cents per bushel to a sesion high of $4.43-1/2 in response to the cash-connected demand. Also fund buying, estimated at 15 million bushels, propelled the market strongly higher.

Wheat closed three to 9-1/2 cents per bushel higher, with September up 9-1/4 at $4.39.-Reuter