CBOT soybeans tick higher on recent export sales, bargain buying
Wheat loses steam after overnight rally
Soybeans gain on stronger than expected export sales
Corn turns lower ahead of next week's ProFarmer crop tour
Changes byline/dateline, changes bullet points, recasts, updates prices
By Heather Schlitz
CHICAGO, Aug 15 (Reuters) -Chicago soybean futures Sv1 ticked higher for a second day on Thursday, on signs of bargain buying after better-than-expected weekly export sales numbers gave some support to the market, analysts said.
Corn futures eased on concerns over the slower pace of corn exports and strength in the U.S. dollar .DXY, which can make U.S. exports less competitive.
Wheat futures also turned lower as cheap Black Sea exports continued to weigh on the market. An overnight rally, on news that Russian forces attacked port infrastructure in Ukraine's southern city of Odesa on Wednesday evening, cooled during the session.
The Chicago Board of Trade's most-active wheat contract Wv1 rose 1 cent to $5.36 a bushel by 1555 GMT.
Soybeans Sv1 rose 7-1/4 cents to $9.75-3/4 a bushel, and corn Cv1 lost 3/4 cent to $4 a bushel.
Some soybean traders see futures as somewhat oversold, at least in the short-term, after worries about hefty global supplies saw the November contract SX24 plunge by nearly $1 over the past couple of weeks, said Karl Setzer, partner at Consus Ag Consulting.
But news of a larger-than-expected soybean production and a record U.S. soy harvest capped gains, as traders spent much of the session consolidating their positions ahead of next week's ProFarmer crop tour, analysts said.
The annual tour of U.S. Midwest corn and soy fields is widely expected to find record yields, said Randy Place, analyst at Hightower Report, said.
"There's not enough bullish news to offset the negatives" in both the corn and soybean markets, Place said.
Lackluster demand from top importer China and non-threatening U.S. weather also has continued to pressure prices.
"It'll be tough to see a higher trade," Mike Zuzolo, president of Global Commodity Analytics, said.
The USDA reported net weekly U.S. soybean export sales of 1,344,200 metric tons for 2024-25, topping analysts' expectations for 400,000 to 1,000,000 metric tons.
Reporting by Heather Schlitzs in Chicago. Additional reporting by Michael Hogan in Hamburg and Naveen Thukral in Singapore; Editing by Kirsten Donovan
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