Corn ticks up on US export demand, easing harvest pressure
Corn gain on robust demand for US supplies
Soybeans choppy, though supported by strong demand
Wheat ticks down as weather improves in US Plains
Updates with settlement prices
By Heather Schlitz
CHICAGO, Nov 1 (Reuters) -Chicago corn futures ticked up on Friday as export demand for U.S. crops swelled and harvest pressure eased, analysts said.
Soybean futures turned lower in choppy trading after rising earlier on U.S. export sales. Wheat futures also eased as rains over dry regions of the U.S. weighed on prices, though drought in the U.S. Plains and poor Australian crop prospects provided a floor for prices.
Strong export demand is underpinning soybean and corn futures as U.S. farmers wrap up the largest harvestsof some of the crops in history.
Demand for U.S. crops has increased after expectations for massive harvests pushed prices down.
The U.S. Department of Agriculture confirmed private sales of 781,322 metric tons of U.S. corn to Mexico, including 715,800 tons for delivery in the 2024/25 marketing year that began Sept. 1 and the remaining 65,532 tons for 2025/26.
The USDA confirmed private sales of 30,000 metric tons of U.S. soyoil to India on Friday, as well as sales of 132,000 metric tons of U.S. soybeans to China and another 198,000 tons to undisclosed destinations, all for delivery in the 2024/25 marketing year that began Sept. 1.
The most-active corn Cv1 contract on the Chicago Board of Trade settled up 3-3/4 cents at $4.14-1/2 per bushel, settling down 0.18% for the week. Most-active soybeans Sv1 lost 3/4 cent to $9.93-3/4 per bushel, and wheat Wv1 settled down 2-1/2 cents at $5.68 per bushel, settling down 0.17% for the week.
After the close of trade, the U.S. Department of Agriculture said 5.6 million short tons of U.S. soybeans were crushed in September, below analyst expectations of 5.623 million tons.
The monthly processing pace rebounded from a nearly three-year low in August as farmers advanced a record U.S. harvest.
CBOT soyoil gained on spillover strength from crude oil
and helped to support soybeans.
"Soyoil is keeping the market afloat," Brian Basting, analyst at Advance Trading, said, referring to the soy complex.
For wheat, rains hitting the U.S. Plains are providing much-needed moisture to the region, though drought remains a concern.
Reporting by Heather Schlitz in Chicago. Additional reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris; Editing by Alan Barona, Sumana Nandy, Vijay Kishore, Jane Merriman and Deepa Babington
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