GRAINS — Soybeans recover on new China sales
(Updates throughout after European trading, changes dateline) PARIS/BEIJING, Oct 14 (Reuters) — Chicago soybean futures edged up on Wednesday, steadying after a two-day fall as a report of fresh Chinese purchases countered supply pressure from an expected record US harvest. Corn also steadied as traders assessed US harvest prospects, while wheat inched down. Chinese state buyers purchased 8-10 Panamax cargoes of US soybeans this week, the first such deals since the September summit between Presidents Donald Trump and Xi Jinping in Washington, three trade sources told Reuters. The news provided a demand boost after a recent lull in interest from Chinese importers, which traders had partly attributed to the week-long National Day holiday earlier this month. "China is back again buying. So it's China versus the harvest, which means soy is steady," a European trader said. The most-traded soybean contract on the Chicago Board of Trade was up 0.7% at $12.93-1/4 a bushel by 1155 GMT. The benchmark had languished earlier this week near a six-week low of $12.69-3/4 touched on Friday after the USDA raised its outlook for this year's US soybean crop to a record level. The US harvest remained
(Updates throughout after European trading, changes dateline) PARIS/BEIJING, Oct 14 (Reuters) — Chicago soybean futures edged up on Wednesday, steadying after a two-day fall as a report of fresh Chinese purchases countered supply pressure from an expected record US harvest. Corn also steadied as traders assessed US harvest prospects, while wheat inched down. Chinese state buyers purchased 8-10 Panamax cargoes of US soybeans this week, the first such deals since the September summit between Presidents Donald Trump and Xi Jinping in Washington, three trade sources told Reuters.
The news provided a demand boost after a recent lull in interest from Chinese importers, which traders had partly attributed to the week-long National Day holiday earlier this month. "China is back again buying. So it's China versus the harvest, which means soy is steady," a European trader said. 93-1/4 a bushel by 1155 GMT.
69-3/4 touched on Friday after the USDA raised its outlook for this year's US soybean crop to a record level. The US harvest remained a curb on soybeans, though rain forecast this week may slow field work after swift progress last week. US farmers had harvested 46% of the soybean crop as of Sunday, the USDA said on Tuesday, surpassing average analyst expectations. The corn harvest pace lagged expectations, but the USDA also rated the condition of the corn crop above analyst expectations.
Last Friday's higher than anticipated USDA forecast of this year's US corn production remained a drag on prices, despite robust export demand. 83-3/4 a bushel, edging away from a near two-month low hit on Friday. 68-1/2 a bushel. Chicago prices failed to be stirred by news on Tuesday that two cargo ships had been struck by drones off the coast of Bulgaria, with one sinking.
"The limited reaction to the latest attacks off Bulgaria suggests the market is getting used to these Black Sea headlines unless they clearly disrupt export flows even further," CM Navigator analyst Donatas Jankauskas said of wheat. Worries over disruption to massive Black Sea trade, due to Russia's war with Ukraine, have also been tempered by increased shipments of Russian wheat through alternative Baltic routes. com;)