GRAINS-Soybeans slip from 3-week highs amid ample supply
CANBERRA, Oct 9 (Reuters) - Chicago soybean futures fell on Thursday on ample supply but prices remained near three-week highs amid expectations that U.S. harvest yields will be below the most recent government forecast and hopes that China will revive U.S. purchases.
Corn futures were flat, with traders expecting a downward revision to U.S. yields but still a record crop, while wheat recovered some ground after slipping towards five-year lows earlier in the week.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.2% at $10.27-1/4 a bushel, as of 0501 GMT after rising to $10.30 earlier in the session.
The U.S. dollar slipped from a two-month high in the previous session, making U.S. crops more affordable for importers, which can boost demand. .DXY USD/
Analysts polled by Reuters expect the latest soybean and corn yield estimates from the U.S. Department of Agriculture (USDA) to be reduced when the agency resumes reporting data.
U.S. farmers are in the middle of harvesting this year's soy and corn crops.
China has shunned U.S. beans amid a trade war with Donald Trump's administration. Trump lifted prices last week by saying he would raise the issue with Chinese President Xi Jinping at a meeting around the end of October.
Uncertainty over the outcome of talks is creating some limbo in the U.S. market, but U.S. soybeans will find export markets even if China doesn't restart purchases, said Tobin Gorey, founder of consultants Cornucopia.
CBOT soybeans have been hovering close to $10 a bushel since mid-2024. Comfortable global supply should keep the market around those levels, Gorey said.
"Prices should be low."
Giving some support to soybeans is the threat of strikes by oilseed workers in Argentina, a major soy exporter.
But soybean exports from top producer Brazil are expected to reach 102.2 million metric tons through end-October, surpassing annual volumes for the whole of 2024 and 2023, grain exporter group Anec data showed.
In other crops, CBOT corn Cv1 was unchanged at $4.22 a bushel and wheat Wv1 rose 0.6% to $5.10-1/2 a bushel.
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