GRAINS-Chicago soybeans rise, corn and wheat fall ahead of USDA report
BEIJING, Feb 10 (Reuters) - Chicago soybean futures ticked up on Tuesday as traders adjusted positions ahead of a U.S. Department of Agriculture's crop report later in the day, though rising competition from Brazil capped gains.
Wheat and corn dipped, with both markets weighed down by abundant global supplies.
FUNDAMENTALS
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 rose 0.05% to $11.11-1/4 a bushel by 0150 GMT.
CBOT wheat Wv1 dropped 0.33% to $5.27 a bushel. Corn Cv1 fell 0.06% to $4.28-1/2 a bushel.
The U.S. Department of Agriculture on Monday confirmed private export sales of 264,000 metric tons of U.S. soybeans to China for shipment in the 2025/26 marketing year. But traders remained unimpressed.
Soybeans gained last week after U.S. President Donald Trump said China was considering raising U.S. soybean purchases to 20 million metric tons for the current season. However, traders remain sceptical, citing higher prices that could make U.S. beans less attractive to Chinese buyers.
The USDA's monthly world supply-demand report is due on Tuesday.
Analysts surveyed by Reuters expect the USDA to raise its forecast for Brazil's soybean harvest to a record 179.4 million metric tons from 178 million.
Analysts also anticipate the USDA will lower its U.S. 2025/26 wheat ending stocks forecast while keeping global wheat stock projections largely unchanged. A slight decline in world corn stocks is also expected.
Jordan's state grain buyer issued an international tender to buy up to 120,000 metric tons of milling wheat that can be sourced from optional origins, European traders said.
In Russia, increased demand from importers and bad weather in ports supported export prices for Russian wheat last week, offsetting forecasts of a strong new harvest, analysts said.
Commodity funds were net sellers of CBOT soybeans and net buyers of soyoil, traders said on Monday. CBOT/FUNDS
DATA/EVENTS (GMT)
1330 US Import Prices YY Dec
1330 US Retail Sales MM Dec
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