GRAINS-Soybeans ease back, wheat regains ground
PARIS/CANBERRA, Oct 9 (Reuters) - Chicago soybean futures eased on Thursday after reaching their highest in more than two weeks, with doubts over harvest yields offset by favourable weather and the absence of Chinese demand.
Wheat rose after approaching a five-year low on Wednesday, with signs of importer demand helping underpin the market.
Corn was almost unchanged.
Grain futures have traded in narrow ranges this week, with the U.S. government shutdown disrupting agricultural data depriving the market of impetus.
The U.S. Department of Agriculture's monthly supply and demand report scheduled for Thursday is expected to be postponed, along with the USDA's weekly export sales data.
Analysts have anticipated that the USDA will reduce its U.S. soybean and corn yield forecasts, though large crops are still anticipated.
"These downward revisions provide partial support for prices, although only the official publication will make it possible to judge the real extent of the reduction in yields," Argus analysts said.
U.S. farmers are in the middle of harvesting this year's soy and corn crops, with dry spells helping field work to advance.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.4% at $10.25 a bushel at 1209 GMT. It earlier rose to $10.30, equalling Wednesday's peak that marked a highest level since September 19.
CBOT corn Cv1 was down 0.1% at $4.22-1/4 a bushel. CBOT wheat Wv1 added 0.9% to $5.11-3/4 a bushel, having approached on Wednesday a five-year low of $5.00-3/4 struck in mid-August.
Tunisia issued a tender seeking 100,000 metric tons of wheat with a Friday deadline, according to traders. GRA/TEND
However, ample global supply, which is set to be further boosted by bumper crops in Argentina and Australia, remained a curb on the wheat market.
The Rosario grains exchange on Wednesday raised its estimate for Argentina's 2025/26 wheat harvest by 3 million tons to a record-equalling 23 million tons.
Prices at 1209 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 511.75 | 4.50 | 0.89 |
CBOT corn Cv1 | 422.25 | 0.25 | 0.06 |
CBOT soy Sv1 | 1025.00 | -4.50 | -0.44 |
Paris wheat BL2c1 | 189.25 | 1.25 | 0.66 |
Paris maize EMAc1 | 185.50 | 1.00 | 0.54 |
Paris rapeseed COMc1 | 469.25 | 3.00 | 0.64 |
WTI crude oil CLc1 | 62.25 | -0.30 | -0.48 |
Euro/dlr EUR= | 1.16 | 0.00 | -0.10 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton | |||
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