Soybeans recover from four-year low; corn extends climb for second session
SINGAPORE, Aug 13 (Reuters) -Chicago soybeans inched higher on Tuesday, as the market recovered from previous session's lowest in four years, although a U.S. government forecast of a record crop limited the upside in prices.
Corn gained for a second session as the U.S. Department of Agriculture (USDA) in its monthly supply-demand report reduced stocks estimate, while wheat edged higher.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.2% at $9.88 a bushel, as of 0016 GMT, having dropped to its lowest levels since Sept. 2020 in the previous session.
* Corn Cv1 rose 0.3% to $4.02-3/4 a bushel and wheat Wv1 inched 0.1% higher to $5.37-1/4 a bushel.
* The USDA raised its estimates for corn and soybean production from a month earlier on Monday, adding to expectations of hefty global supplies of both crops.
* The agency raised its estimate for the 2024/25 soybean crop to a record 4.589 billion bushels, exceeding analysts' expectations and last month's forecast.
* It forecast a 2024/25 corn crop of 15.147 billion bushels, up from last month and the July estimate. However, the USDA lowered corn ending stocks estimate.
* U.S. 2024/25 corn end stocks were seen at 2.073 billion bushels, down from the agency's estimates in July of 2.097 billion bushels and lower than analysts' expectations at 2.096 billion bushels.
* In a separate report after markets closed, the USDA rated 67% of the nation's corn crop and 68% of U.S. soybean crops in good-to-excellent condition in its weekly crop progress report, unchanged from the previous week.
* Egypt's state grains buyer said it bought 280,000 metric tons of wheat in a tender on Monday, falling short of its target of 3.8 million tons.
* Commodity funds were net sellers of CBOT soybean, soymeal, soyoil and wheat futures contracts and buyers of corn contracts on Monday, traders said. COMFUND/CBT
MARKET NEWS
* World stocks edged higher on Monday while the yen slipped as a holiday in Japan removed one source of recent volatility, with investors looking ahead to U.S. and Chinese economic data. MKTS/GLOB
DATA/EVENTS (GMT)
0600 UK Claimant Count Unem Chng July
0600 UK ILO Unemployment Rate June
0600 UK HMRC Payrolls Change July
0900 Germany ZEW Economic Sentiment August
0900 Germany ZEW Current Conditions August
1230 US PPI Machine Manuf'ing July
Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips
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