GRAINS-Soybeans hit 17-month high as market braces for US data

By Naveen Thukral and Gus Trompiz

SINGAPORE/PARIS, Nov 13 (Reuters) - Chicago soybeans rose on Thursday to their highest in nearly 17 months as traders awaited a U.S. crop report expected to lower the harvest yield forecast while also bracing for the resumption of export data to give clues on Chinese buying.

Wheat fell, with a projection of a record Argentine crop reinforcing expectations of ample global supply. Corn ticked down.

The U.S. Department of Agriculture (USDA) is scheduled to release on Friday its first global supply and demand outlook since September, a delay linked to a federal government shutdown that has disrupted official data.

With the shutdown due to end after Wednesday's adoption of short-term funding legislation, traders are watching to see when the USDA will relaunch daily and weekly reporting of export sales.

The absence of the export statistics has heightened uncertainty over whether China has purchased U.S. crops since agreeing to a trade truce with Washington in late October.

U.S. officials have said China pledged to buy 12 million metric tons of U.S. soybeans over November and December.

"The soybean market is firm today before the U.S. report, but Chinese buying is key for price direction," said one agricultural broker. "If China doesn't buy U.S. beans, there is not much upside for prices."

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.3% at $11.37 a bushel by 1138 GMT, after hitting its highest since June 2024 at $11.42-1/4 a bushel.

CBOT corn Cv1 inched down 0.1% to $4.34-3/4 a bushel and CBOT wheat Wv1 fell 0.9% to $5.31-1/4 a bushel.

A Reuters poll of analysts projected on average that the USDA will lower its U.S. corn yield estimate to 184.0 bushels per acre (bpa) from 186.7 bpa in its previous September 12 forecast and peg the U.S. soybean yield at 53.1 bpa, down from 53.5 bpa previously.

"Friday’s (USDA report) will be so crucial for the market. The market will be able to get real figures, with harvesting almost over," said Veysel Kaya, owner of research and brokerage firm Sunseedman.

The wheat market was pressured by an increased forecast of Argentina's 2025-26 wheat crop by the Rosario Grains Exchange, which said it now projects production to hit a record high of 24.5 million tons.