Corn, soy futures advance on improved US export demand
Updates as of 1840 GMT
By Tom Polansek
CHICAGO, Nov 4 (Reuters) -Chicago Board of Trade corn and soybean futures rose on improved U.S. export demand, as the Department of Agriculture confirmed more sales on Monday, analysts said.
Low crop prices have boosted export sales recently as massive U.S. harvests increase available supplies. Grain merchants have also raced to ship out a record-large soy crop amid fears of renewed trade tensions with top-importer China.
Exporters struck deals to sell 150,000 metric tons of U.S. corn to Mexico; 120,000 metric tons of U.S. corn to unknown buyers; and 132,000 metric tons of U.S. soybeans to unknown buyers, the U.S. Department of Agriculture said in a daily reporting system.
Traders will be watching on Friday to see whether USDA adjusts its estimates for U.S. export demand in a monthly crop report, following a flurry of sales announcements.
Most actively traded CBOT corn futures Cv1 advanced 2-1/4 cents to $4.16-3/4 a bushel by 12:40 p.m. CST (1840 GMT), while soybeans Sv1 were up 3-1/2 cents at $9.97-1/4 a bushel.
Gains in soy futures are selling opportunities due to ample supplies, according to some traders. The re-election of Donald Trump as U.S. president on Tuesday could imperil Chinese demand, they added.
"Like all financial markets, the grain market in the United States is waiting for the presidential election in the United States," Argus analysts said in a note.
"The possible return of the 'trade war' between the United States and China animates the discussions."
CBOT wheat futures bucked the higher trend, with the most-active contract falling 1-1/4 cents to $5.66-3/4 per bushel.
A weekly USDA report due later on Monday is expected to show 41% of the U.S. winter wheat crop in good-to-excellent condition, up from the prior week but the second-lowest on record for this time of year, a Reuters poll showed.
In global demand news, plentiful offers of Black Sea wheat in an ongoing Egyptian tender underscored export competition, despite Russian steps to implement minimum prices for overseas sales, traders said.
Reporting by Tom Polansek in Chicago, Peter Hobson in Canberra and Michael Hogan in Hamburg; Editing by Sherry Jacob-Phillips, Sumana Nandy, Ed Osmond and Aurora Ellis
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