GRAINS-Wheat, corn and soy steady after price falls stoke demand
CANBERRA, Aug 8 (Reuters) - Chicago wheat, corn and soybean futures rose slightly on Friday, building on the previous session's gains as a decline in prices to multi-month or multi-year lows triggered some export demand.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.1% at $5.18-3/4 a bushel, as of 0206 GMT, with CBOT corn Cv1 rising 0.1% to $4.07-1/4 a bushel and soybeans Sv1 0.3% higher at $9.96-1/4 a bushel.
* Ample global supply has driven down all three crops. CBOT wheat fell to a five-year low of 5.04 on Wednesday. On the same day, soybeans fell to their lowest level since April and corn dived to contract lows.
* Cheap prices have, however, stimulated demand. Weekly U.S. export sales reported by the U.S. Department of Agriculture (USDA) on Thursday showed wheat, corn and soybean volumes above market estimates.
* The USDA also on Thursday reported sales of 211,680 tons of corn to Mexico and Guatemala.
* Short covering by speculators also helped wheat and corn prices rebound. Commodity funds on Thursday were net buyers of corn for the first time in five trading sessions of wheat for the first time in eight sessions, traders said.
* Nevertheless, plentiful supply continues to weigh. The Northern Hemisphere wheat harvest is in full swing, with top exporter Russia ramping up deliveries to ports, and large U.S. corn and soy harvests are expected in the coming months.
* Farmers in Argentina have sown a larger wheat area this year than last year and early crop conditions are highly favourable, the Buenos Aires Grains Exchange said.
* Expana increased its monthly production outlook for the European Union's main wheat crop, but cut its maize forecast.
MARKETS NEWS
* Japanese shares surged on Friday after positive earnings reports and expectations the U.S. would remove overlapping tariffs on the country's goods, while shares were down in other Asian markets after a late retreat on Wall Street during the previous session. MKTS/GLOB
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