GRAINS-Corn near 2-week low on US harvest; wheat down for 2nd session
SINGAPORE, Oct 25 (Reuters) – Chicago corn slid for a fourth consecutive session on Wednesday, trading close to the previous day’s near two-week low, while soybeans fell as supplies from freshly harvested U.S. crops weighed on prices.
Wheat fell for a second session.
FUNDAMENTALS
* The most-active corn contract on the Chicago Board of Trade (CBOT) dropped 0.2% to $4.83-1/4 a bushel, as of 0004 GMT, not far from the last session’s lowest since Oct. 12 at $4.82-3/4 a bushel.
* Soybeans Sv1 gave up 0.2% to $12.92-1/4 a bushel and wheat Wv1 lost 0.2% to $5.79-1/2 a bushel.
* A quick harvest pace for U.S. corn and soy is expected to continue until the next round of heavier rains are forecast to move across the Corn Belt later this week.
* Farmers had harvested 76% of their soybean crop and 59% of their corn by Sunday, the U.S. Department of Agriculture (USDA) said after trading ended on Monday. The figures, roughly in line with trade expectations, were ahead of the five-year average pace for each crop.
* Traders will look for USDA to confirm U.S. soybean export sales in the coming days, after an industry group said a Chinese delegation of commodity importers signed agreements to buy billions of dollars’ worth of agricultural goods.
* Russia’s grain harvest in 2023 is seen at 140 million metric tons, down from last year’s record high but still its second-largest ever, with an export potential of about 60 million tonnes, TASS news agency quoted a government minister as saying on Tuesday.
* About 700,000 metric tons of grain have been exported through Ukraine’s new Black Sea export corridor since it began operating in August, the Ukrainian agriculture minister said.
* Commodity funds were net buyers of CBOT soybean and soymeal futures contracts on Tuesday and net sellers of corn, wheat and soyoil futures, traders said. COMFUND/CBT
MARKET NEWS
* Global stocks advanced on Tuesday as positive corporate earnings spurred some investor risk appetite, although caution remained given the war in the Middle East and mixed economic data ahead of closely-watched interest rate policy decisions. MKTS/GLOB
DATA/EVENTS (GMT)
0500 Japan Chain Store Sales YY Sept
0800 Germany Ifo Business Climate New Oct
0800 Germany Ifo Curr Conditions New Oct
0800 Germany Ifo Expectations New Oct
1000 France Unemp Class-A SA Sept
1400 US New Homes Sales-Units Sept
(Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
((naveen.thukral@thomsonreuters.com; +65-6870-3829; Reuters Messaging: naveen.thukral.thomsonreuters.com@reuters.net))
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