Soybean firm after losses, Brazilian crop outlook caps gains
SINGAPORE, Dec 3 (Reuters) -Chicago soybean futures inched higher on Tuesday, with bargain buying supporting prices, although the upside in prices was limited by expectations of an all-time high crop in top exporter Brazil.
Wheat and corn ticked up, recouping previous session's losses.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 added 0.2% to $9.87-1/2 a bushel, as of 0108 GMT, after closing down in the previous session.
* Wheat Wv1 rose 0.3% to $5.48-3/4 a bushel and corn Cv1 gained 0.4% at $4.34 a bushel.
* Benevolent weather and use of quality farm inputs such as seeds, fertilizers and chemicals will help Brazilian soybean growers reap an enormous crop in the 2024/25 season, according to agribusiness consultancies Celeres and StoneX on Monday.
* The country's output is likely to reach 170.8 million metric tons, almost 1 million tons more than in a previous forecast, Celeres said. StoneX said Brazil will reap 166.2 million tons this season.
* Recent rains across Argentina's agricultural heartland have brought much-needed moisture to the soil as the planting of corn and soybeans are underway, Rosario's grains exchange reported on Monday.
* The wheat market has been facing pressure from higher than expected output in Australia.
* Australia raised its national 2024/25 wheat harvest estimate by 100,000 tons to 31.9 million tons on Tuesday, with good yields in the east and west forecast to compensate for losses in the south to deliver above-average production.
* Large speculators switched to a net short position in Chicago Board of Trade corn futures in the week to Nov. 26, regulatory data released on Monday showed.
* The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and increased their net short position in soybeans.
MARKET NEWS
* Stocks in the U.S. and Europe were mixed on Monday, while the dollar gained versus the euro, amid political turmoil in France and positive signals for the U.S. economy. MKTS/GLOB
DATA/EVENTS (GMT)
No major data/events expected for Tuesday, Dec 3
Reporting by Naveen Thukral; Editing by Rashmi Aich
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