GRAINS-Soy hits 17-month high, corn to 4-month top as trade braces for US data

By Julie Ingwersen

CHICAGO, Nov 13 (Reuters) - Chicago soybean futures 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.

Corn futures set a four-month high ahead of the USDA's report, but wheat declined on forecasts for a record-large Argentine crop that reinforced expectations of ample global supply.

As of 1:05 p.m. CST (1905 GMT), Chicago Board of Trade benchmark January soybeans Sv1 were up 12 cents at $11.45-3/4 per bushel after reaching $11.50-1/2, the highest on a continuous chart of the most-active contract since June 2024.

Corn Cv1 was up 6 cents at $4.41-1/4 a bushel after notching a four-month high at $4.41-1/2. CBOT wheat Wv1 was down 1-1/4 cents at $5.34-3/4 a bushel.

The U.S. Department of Agriculture 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.

The agency began releasing export sales data, starting with its weekly report from the week ended September 25, and planned to issue a list on Friday showing daily sales of U.S. agricultural products over the last six weeks.

"Soybean and corn traders see possibilities of previously unknown demand after a number of key trade agreements were signed during the shutdown, leading them to consider the bullish possibilities," StoneX chief commodities economist Arlan Suderman wrote in a client note.

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.

Ahead of Friday's supply/demand reports, 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.