GRAINS-Soybean hits 3-week low, corn falls as US prepares for harvest

JAKARTA, Sept 4 (Reuters) - Chicago soybean extended losses to the third consecutive session on Thursday a more than three-week low, while corn fell for two consecutive sessions as farmers look to clear out their grain bins.

Wheat edged lower for a third session amid ample global supplies of the grain.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.02% at $10.31-1/4 a bushel, as of 0022 GMT. Earlier in the session, it hit $10.30 a bushel, its lowest since August 15.

Corn Cv1 fell 0.12% to $4.17-1/2 a bushel, while wheat Wv1 lost 0.24% at $5.2-3/4 a bushel.

Spot basis bids for soybeans and corn were steady to mixed at processing plants and grain elevators in the U.S. Midwest on Wednesday, as grain buyers prepare for harvest and farmers look to clear out their grain bins.

Germany's winter wheat harvest will rise by 26.3% this year to 22.45 million metric tons despite late summer rain falling on crops just before they were gathered, the German agriculture ministry said on Wednesday.

Brazil's soybean planted area is expected to grow by just 1.5% in the 2025/26 season, Rabobank said in a report on Wednesday, calling the expansion "limited" and noting it lags the historical average of 3.5%.

A farmer survey conducted by agricultural commodity brokerage and analysis firm Allendale forecast the U.S. 2025 corn crop at a record 16.631 billion bushels, with an average yield of 187.52 bushels per acre, the company said on Wednesday.

Commodity funds were net sellers of Chicago Board of Trade corn, wheat, soybean, soymeal and soyoil futures contracts on Wednesday, traders said. COMFUND/CBT

MARKET NEWS

Wall Street stocks recovered some ground on Wednesday after technology conglomerate Alphabet rose on a favorable antitrust ruling, but gains were muted as investors digested softer-than-expected labor market data and a selloff in long-term global government bonds.MKTS/GLOB

DATA/EVENTS (GMT)

0830 UK S&P GLOBAL PMI: MSC COMPOSITE - OUTPUT

1230 US International Trade $ Jul

1230 US Initial Jobless Clm 30 Aug, w/e

1345 US S&P Global Comp, Svcs PMI Final Sep

1400 US ISM N-Mfg PMI Aug