PARIS: Chicago soybean and corn futures edged down on Wednesday, pressured by expectations that US harvesting will pick up after recent rain delays, as well as uncertainty over export demand.
Wheat futures also eased as increasing estimates of Russian production tempered the idea that international demand would shift towards US supplies.
The most-active soybean contract on the Chicago Board of Trade was down 0.4 percent at $8.54-1/4 a bushel by 1242 GMT, while corn was down 0.4 percent at $3.68-3/4 a bushel.
Weather forecasts pointed to light rain in the US Midwest in coming days, which could let farmers push on with field work after downpours in the past month.
The prospect of harvesting progress put the focus back on estimates for bumper corn and soy yields.
“Expectations of a large US harvest and a lack of fresh supportive news are keeping a lid on any substantial gains,” US brokerage Allendale said in a note.
The US Department of Agriculture late on Monday said the US corn harvest was 49 percent complete, ahead of the five-year average of 47 percent but behind an average of trade expectations of 51 percent.
The agency pegged the US soybean harvest as 53 percent complete, lagging the five-year average of 69 percent but ahead of the average trade estimate of 52 percent.
Doubts over international demand due to the trade dispute between Washington and Beijing were also capping US prices.
Chinese imports of grains such as sorghum plunged in September from the year before period, customs data showed on Tuesday, hit by escalating trade tensions and high prices elsewhere.
Soybeans are more exposed than cereals as China is the world’s biggest importer of the oilseed.
CBOT wheat fell 0.5 percent to $5.06-1/2 a bushel.
The wheat market faced pressure from higher production in the Black Sea region, which has been giving stiff competition to the United States.
Russia’s agriculture ministry has raised its forecast for the country’s 2018 grain crop to 109 million tonnes from a previously expected 106 million tonnes due to favourable weather for harvesting in Siberia.
Private consultancy IKAR, meanwhile, raised its 2018/19 export forecast for Russian wheat.
Post Views: 20
Source: Brecorder
