GRAINS — Soybeans retreat on harvest progress despite renewed Chinese demand
(Rewrites throughout with US trading, adds quote, updates prices, adds byline, changes dateline from PARIS/BEIJING) USDA says 46% of US soybeans and 33% of corn were harvested as of Sunday China booked 8 to 10 US soybean cargoes on Monday, traders told Reuters Forecasters expect fieldwork to resume after midweek rains across parts of the Midwest CHICAGO, Oct 14 (Reuters) — US corn and soybean futures eased on Wednesday as an active Midwest harvest pace boosted supplies, with mostly favorable weather expected after midweek rains in some areas. Losses in soybeans were limited by news that China bought several US cargoes in the first major purchases since a top-level trade meeting last month. Wheat edged higher on concerns about supplies from Russia and Ukraine as attacks on cargo ships have disrupted shipments from the Black Sea region. Corn and soybeans remain anchored by active harvesting around the Midwest. The US Department of Agriculture said 33% of the nation's corn and 46% of soybeans were harvested as of Sunday as farmers took advantage of drier weather after rain delayed harvesting in September. Rains this week stalled field work, but drier weather was expected to return by
(Rewrites throughout with US trading, adds quote, updates prices, adds byline, changes dateline from PARIS/BEIJING) USDA says 46% of US soybeans and 33% of corn were harvested as of Sunday China booked 8 to 10 US soybean cargoes on Monday, traders told Reuters Forecasters expect fieldwork to resume after midweek rains across parts of the Midwest CHICAGO, Oct 14 (Reuters) — US corn and soybean futures eased on Wednesday as an active Midwest harvest pace boosted supplies, with mostly favorable weather expected after midweek rains in some areas.
Losses in soybeans were limited by news that China bought several US cargoes in the first major purchases since a top-level trade meeting last month. Wheat edged higher on concerns about supplies from Russia and Ukraine as attacks on cargo ships have disrupted shipments from the Black Sea region. Corn and soybeans remain anchored by active harvesting around the Midwest. The US Department of Agriculture said 33% of the nation's corn and 46% of soybeans were harvested as of Sunday as farmers took advantage of drier weather after rain delayed harvesting in September.
Rains this week stalled field work, but drier weather was expected to return by the end of the week, forecasters said. "We're down today on the planting progress and the fact that it looks like we're going to good weather going forward. But we're kind of hanging in there at lower levels in in-range trading. The end-users are stepping up buying the market," said Jack Scoville, analyst with The Price Group.
Chinese government buyers booked 8 to 10 cargoes of US soybeans on Tuesday, traders told Reuters. The USDA confirmed most of the purchases on Wednesday in a daily export sales announcement. Traders are watching for further purchases as China works toward a 25-million-metric-ton annual buying commitment amid concerns about crushing overcapacity in China. The General Administration of Customs of China reported a 7.7% drop in soybean imports in September.
Chicago Board of Trade November soybeans were down 9 cents at $12.74-3/4 per bushel at 12:15 p.m. CDT (1715 GMT), while December corn was down 3-1/2 cents at $4.79-1/4 a bushel. CBOT December wheat gained 2-1/2 cents to $6.71-3/4 a bushel after news that two cargo ships had been struck by drones off the coast of Bulgaria. (Additional reporting by Gus Trompiz in Paris and Daphne Zhang and Lewis Jackson in Beijing; Editing by Subhranshu Sahu, Shailesh Kuber and Sanjeev Miglani) ((karl.plume@thomsonreuters.com; +1 313 484 5285)