Soybeans at one-week top on strong demand; wheat, corn firm
SINGAPORE, Oct 24 (Reuters) -Chicago soybeans rose for a fourth consecutive session on Thursday to a one-week high, underpinned by strong demand and as U.S. Vice President Kamala Harris' lead over Republican Donald Trump in some polls eased worries over a potential trade war.
Wheat and corn gained ground.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 rose 0.2% to $9.99-1/2 a bushel, as of 0011 GMT, having reached its highest since Oct. 16 at $10.00 a bushel earlier in the session.
* Wheat Wv1 added 0.2% to $5.79-1/2 a bushel and corn Cv1 rose 0.1% to $4.19-1/2 a bushel.
* U.S. soybean export premiums are at their highest in 14 months, as grain merchants race to ship out a record-large U.S. harvest ahead of the U.S. presidential election and fears of renewed trade tensions with top importer China.
* Harris led Trump by a 46%-43% margin in a Reuters/Ipsos poll published on Tuesday. Her lead in the six-day poll, which closed on Monday, reinforces the view that the race is extraordinarily tight with just two weeks left before the Nov. 5 U.S. presidential election. Some other polls have also shown Harris leading the former U.S. president.
* Increased tariffs on imports from China could spur retaliation from the leading soybean importer.
* Strong rains this week in Argentina have given a huge boost to the farming sector after a tough period of drought, "turning the game around" for corn and wheat farmers who had been facing deep losses, the Rosario grains exchange said on Wednesday.
* Wheat prices faced pressure from Russia's recent efforts to regulate its grain trade.
* Russia, the world's biggest wheat exporter, has proposed the creation of a grain exchange among BRICS countries - Brazil, Russia, India, China, and South Africa - which could later be expanded to trade other major commodities such as oil, gas and metals.
* Commodity funds were net buyers of CBOT corn, soybean and wheat futures contracts on Wednesday, traders said. Funds were net sellers of soymeal futures contracts and net even in soyoil futures contracts. COMFUND/CBT
MARKET NEWS
* Global stocks edged lower on Wednesday amid tepid trading ahead of the U.S. election, while gold prices retreated from record highs, dragged down by gains in the U.S. dollar. MKTS/GLOB
DATA/EVENTS (GMT)
0715 France HCOB Mfg, Svcs, Comp Flash PMIs Oct
0730 Germany HCOB Mfg, Svcs, Comp Flash PMIs Oct
0745 France Business Climate Mfg, Overall Oct
0800 EU HCOB Mfg, Svc, Comp Flash PMIs Oct
0830 UK Flash Comp, Mfg, Svcs PMIs Oct
1000 UK CBI Business Optimism Q4
1230 US Initial Jobless Clm Weekly
1345 US S&P Global Mfg, Svcs, Comp Flash PMIs Oct
1400 US New Home Sales-Units Sept
Reporting by Naveen Thukral; Editing by Rashmi Aich
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