Soybeans ease on South American rain outlook, grain higher
Rains forecast for some dry areas of Brazil, Argentina
Firmer dollar anchors corn, soybean, wheat futures
Ample US stocks, bumper output to keep pressure on prices
Rewrites throughout, adds quote, updates prices, changes byline, changes dateline from SINGAPORE/HAMBURG
By Karl Plume
CHICAGO, Oct 7 (Reuters) -U.S. soybean futures eased on Monday on forecasts for rain in dry areas of top exporter Brazil and Argentina and on rising U.S. supplies as clear Midwest weather boosted harvesting.
Corn futures edged higher on solid exports, spillover support from a rising crude oil market and strength in wheat, which advanced on global weather worries and continued hostilities in the Black Sea breadbasket region.
Recent strengthening of the U.S. dollar .DXY created headwinds for grains, however, as a firming greenback makes dollar-denominated goods costlier for those holding other currencies.
Grain traders are also squaring positions ahead of a monthly U.S. Department of Agriculture (USDA) crop supply-and-demand report due on Friday.
"We're biding time ahead of the crop report and we are waiting to see if we are really in a pattern change in South American weather," said Don Roose, president of U.S. Commodities.
"Brazil's been dry seasonally. But it feels like the rainy season is trying to kick in," he said.
Chicago Board of Trade November soybeans SX24 were down 3-1/4 cents at $10.34-1/2 a bushel as of 12:25 p.m. CDT (1725 GMT), while December corn CZ24 added 1-3/4 cents to $4.26-1/4 a bushel.
Both markets remain anchored by rising supplies from an ongoing harvest of what is expected to be a record-yielding crop.
Analysts polled by Reuters expect 44% of the U.S. soy crop and 34% of the corn crop to have been harvested as of Sunday, while crop ratings were seen remaining strong.
Wheat futures climbed on worries about dry conditions in several key production areas, including the southern U.S. Plains farm belt and the Black Sea breadbasket region.
But low Russian wheat prices, and the firm dollar, remained headwinds for U.S. exports which have struggled to compete with cheaper grain from other suppliers.
CBOT December wheat WZ24 rose 4-1/4 cents to $5.94 a bushel.
Additional reporting by Michael Hogan in Hamburg and Naveen Thukral in Singapore; Editing by Sherry Jacob-Phillips, Pooja Desai and David Evans
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