GRAINS-Chicago soybeans fall on weak soyoil after US biofuels proposal; corn eases
BEIJING, Sept 18 (Reuters) - Chicago soybean futures fell for a second straight session on Thursday, pressured by weaker soyoil after a U.S. biofuels proposal disappointed the market.
Corn slipped on seasonal harvest pressure, while wheat traded flat.
FUNDAMENTALS
* As of 0136 GMT, the most active soybean contract on the Chicago Board of Trade (CBOT) Sv1 lost 0.36% to $10.40 per bushel.
* Corn Cv1 eased 0.29% to $4.25-1/2 a bushel, while wheat Wv1 remained little changed at $5.28-1/4 a bushel.
* Soybeans came under pressure from falling soyoil prices, as traders digested Tuesday's U.S. Environmental Protection Agency biofuel blending proposal, which failed to provide clarity on how to reallocate biofuel blending obligations under the government's Small Refinery Exemption program.
* Ahead of the USDA's weekly export sales report later today, analysts expected U.S. corn export sales in the week ended September 11 at 500,000-1,900,000 metric tons, soybeans at 400,000-1,500,000 tons, and wheat at 300,000-650,000 tons.
* Republican farm-state lawmakers are urging President Donald Trump's administration to issue economic aid for U.S. farmers by year's end.
* Corn crop was 7% harvested as of Sunday, the U.S. Department of Agriculture said this week.
* Statistics Canada raised its estimate of Canada's 2025 all-wheat harvest to 36.6 million metric tons, up 1.9% from last year and above its August 28 estimate of 35.548 million tons.
* Commodity funds were net sellers of CBOT corn, wheat and soybean futures on Wednesday, traders said. COMFUND/CBT
MARKET NEWS
* The U.S. dollar was steady early on Thursday following its plunge to a 3-1/2-year low and then forceful rebound as traders grappled with the ramifications of the Federal Reserve's measured rhetoric on further interest rate cuts. FRX/
DATA/EVENTS (GMT)
1100 UK BOE Bank Rate Sep
1230 US Initial Jobless Clm 13 Sep, w/e
1230 US Philly Fed Business Indx Sep
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