Soybeans slip back toward four-year low, wheat steadies
Expectations of record crop hang over soybean market
China demand worries offset strong weekly exports, softer dollar
Next week's U.S. Midwest crop tour eyed for corn, soy yields
Updates at 1105 GMT, changes byline/dateline
By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, Aug 16 (Reuters) -Chicago soybeans eased on Friday as a rebound from a four-year low stalled in the face of expectations of a bumper U.S. crop and worries over Chinese demand.
Corn also lost ground like soybeans following favourable U.S. harvest prospects and renewed concern about China's economy that pushed crude oil lower. O/R
Wheat ticked up after a one-week low earlier in the day.
All three crops were trading close to their lowest since 2020 against a backdrop of large U.S. supplies and stiff competition from Brazil and Russia to capture limited demand.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.9% at $9.60-1/4 a bushel by 1105 GMT, to approach Wednesday's four-year low of $9.55-1/2.
The U.S. Department of Agriculture on Monday set the tone for this week's trading as it raised its monthly projection for this year's U.S. soybean crop to a record high.
A weaker dollar and higher-than-expected weekly U.S. soybean export sales helped prices recover mid-week, but the strong harvest outlook remained in focus as traders awaited next week's widely followed ProFarmer crop tour that will project U.S. corn and soybean yields.
CBOT wheat Wv1 ticked up 0.3% to $5.29-3/4 a bushel and corn Cv1 fell 0.9% to $3.93-1/2 a bushel.
The wheat market found some support on Thursday on news of a Russian attack on Ukrainian port infrastructure, but a lack of significant disruption to Ukrainian exports led traders to turn their attention back to ample global supply.
"(Chicago) wheat prices are still trading close to their lows ... in an international context still dominated by the pressure of Black Sea prices," Argus analysts said in a note.
The International Grains Council trimmed its forecast for 2024/25 global wheat production, mainly due to a downgrade for French output.
French farmers have almost finished harvesting the rain-hit wheat crop, expected to be the worst since the 1980s, according to farm office FranceAgriMer.
In Germany, the European Union's next-largest wheat producer, the association of farm cooperatives on Friday cut sharply its forecast of this year's wheat crop after repeated rain this summer.
Euronext wheat futures BL2Z4 have nonetheless fallen to their lowest in nearly five months this week. GRA/EU
"The decline in the EU wheat price ... has less to do with the availability of wheat in the EU than with the abundant availability outside the EU," Commerzbank said.
Prices at 1105 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 529.75 | 1.50 | 0.28 |
CBOT corn Cv1 | 393.50 | -3.50 | -0.88 |
CBOT soy Sv1 | 960.25 | -8.25 | -0.85 |
Paris wheat BL2U4 | 204.50 | 3.00 | 1.49 |
Paris maize EMAc1 | 196.00 | -0.75 | -0.38 |
Paris rapeseed COMc1 | 453.50 | -10.00 | -2.16 |
WTI crude oil CLc1 | 76.10 | -2.06 | -2.64 |
Euro/dlr EUR= | 1.10 | 0.00 | 0.18 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton | |||
Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Rashmi Aich and Shounak Dasgupta
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