GRAINS-Soybeans drop for 5th session on China demand worries, Argentina competition
SINGAPORE, Sept 23 (Reuters) - Chicago soybeans lost more ground on Tuesday to trade at their lowest level in six weeks, weighed down by a lack of Chinese buying and expectation of increased competition from rival exporter Argentina.
Wheat dropped to its weakest level since mid-August, while corn slid for a second straight session.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 lost 0.5% to $10.06-1/2 a bushel by 0023 GMT, hitting its lowest since August 12 and heading for a fifth straight session of falls.
* Wheat Wv1 fell 0.4% to $5.08-1/2 a bushel and corn Cv1 gave up 0.2% to $4.20-3/4 a bushel.
* China, the world's largest soybean importer, has stopped buying U.S. soybeans, instead turning to South American supplies amid Washington-Beijing trade tensions.
* There are expectations of increased competition from Argentina.
* Argentina's government on Monday temporarily eliminated export taxes on grains and their by-products, as well as on beef and poultry, in a bid to speed up sales abroad and rake in much-needed dollars to prop up the flagging peso currency.
* The U.S. corn harvest was 11% complete by Sunday and the soybean harvest was 9% finished, according to a government report issued after the market closed on Monday, behind most analysts' expectations but matching the five-year averages for both crops.
* The U.S. Department of Agriculture rated 66% of the corn crop in good-to-excellent condition, down 1 percentage point from last week. Despite the decline, the corn ratings were still the highest for this time of the year since 2018.
* Soybean ratings fell to 61% good-to-excellent, down 2 percentage points from last week.
MARKET NEWS
* MSCI's global stock index rose to record levels on Monday for a third consecutive session with a few U.S. technology stocks leading on Wall Street while gold prices rallied to fresh records and the dollar pulled back. MKTS/GLOB
DATA/EVENTS (GMT)
0715 France HCOB Mfg, Services, Composite Flash PMI Sep
0730 Germany HCOB Mfg, Services, Composite Flash PMI Sep
0800 EU HCOB Mfg, Services, Composite Flash PMI Sep
0830 UK Flash Composite, Manufacturing, Services PMI Sep
1345 US S&P Global Mfg, Svcs, Comp PMI Flash Sep
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