Beans Hit 9-Month High In Overnight Trade

July soybeans hit a nine-month high in overnight trade Tuesday, spurred on by a weaker dollar and firmer crude oil. On the eBOT July beans hit $12.41 1/4, the highest since Sept. 4th.

Wheat and corn followed beans higher, with July wheat 9 1/4 cents higher and corn up 4 1/2 cents.

The dollar is weaker on hopes of an economic recover in the second half of the year. That would mean a loss of safe-haven status for the US unit as investors seek higher yielding assets.

There is talk that the Chinese government may soon begin selling soybeans from its state reserves, although these stories are unconfirmed. Traders say it is possible, but a final decision may not be made until the government has finalised corn sales first.

Meanwhile, China will import an all time record 4.62 MMT of soybeans in June, according to the country's Commerce Ministry.

Last night's USDA crop condition and planting reports threw up few surprises. Corn plantings have just about caught up at 97% done as of Sunday night. Beans are seen 78% planted, compared to 87% normally and spring wheat is 96% planted, compared with 100% normally.

The main areas of concern are Illinois where bean plantings are well behind at 59% done as opposed to 88% normally and Indiana corn at 90% complete against 98% normally. For spring wheat North Dakota still has 6% of the crop to get into the ground.

Japan is tendering Thursday for 124,000 MT wheat, of which 61,000 MT is US origin. The Taiwan Flour Millers Association bought 51,410 MT of uS wheat overnight.