Soybeans recover some ground, but big Brazilian harvest looms
Adds analyst comment, updates prices
CANBERRA, Dec 17 (Reuters) -Chicago soybean futures edged higher on Tuesday after falling in the previous session on lower-than-expected U.S. crushing data, but the prospect of a bumper South American production kept prices near four-year lows.
Corn futures rose, with traders expecting supply to tighten, while wheat fell despite a massive Saudi purchase lifting prices in Europe.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 had risen 0.2% to $9.83-1/2 a bushel by 0311 GMT, not far from August's four-year-low of $9.55.
The U.S. soybean crush declined in November from an all-time high in October and fell short of most trade estimates, National Oilseed Processors Association data showed.
However, it was still the largest November crush on record, up 2.2% from 2023, and the fourth-largest ever for any month.
Favourable South American crop conditions and a lack of weather threats pressured prices.
In Brazil, the world's biggest soybean producer and exporter, 2024-25 planting is complete, consultants AgRural said, predicting a production of 171.5 million metric tons.
"The numbers for the Brazilian harvest are very large. That's why prices are under pressure," said Rabobank analyst Vitor Pistoia.
In other crops, corn Cv1 gained 0.1% to $4.45-1/2 a bushel, while wheat Wv1 shed 0.2% to $5.49 a bushel.
Euronext wheat futures reached a seven-week high on Monday after Saudi Arabia's buying agency purchased 804,000 tons of the grain, above the 595,000 tons it originally sought.
The Saudi tender and reports of rising prices and slowing shipments in Russia put attention on a possibly dwindling Russian supply that flooded the market for much of this year.
Cereal fields in Europe are in good condition after a dry, mild spell helped them recover from a soggy start to autumn, though grain belts around the Black Sea are lacking hardiness for winter, the EU's crop monitoring service said.
Wheat supply should tighten in the coming months, Pistoia said, adding, "It can't go lower than it is today."
Reporting by Peter Hobson; Editing by Varun H K and Sumana Nandy
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