Soybeans and corn steady with harvest and exports in focus
Flurry of export sales pushed corn and soy higher on Monday
Brisk US harvest, Brazil rain keep lid on prices
Wheat lower as Russia rain and exports ease supply concerns
Updates at 1113 GMT, changes byline and dateline
By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, Oct 22 (Reuters) -Chicago soybean and corn futures inched up on Tuesday as a series of export sales helped stem supply pressure from a fast-moving U.S. harvest and improved planting weather in South America.
Wheat eased to a one-month low as rain in the past week relieved parched Russian and U.S. winter wheat belts, while brisk Russian shipments offset concerns about government intervention in exports.
Grains lacked impetus from broader markets, with crude oil LCOc1 consolidating after last week's slide and the dollar index .DXY steadying near Monday's 2-1/2 month peak. MKTS/GLOB
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.03% to $9.81-1/4 a bushel at 1113 GMT, while CBOT corn Cv1 was up 0.24% at $4.10-1/2 a bushel after touching a one-week high.
The U.S. soybean harvest was 81% complete as of Sunday, the fastest pace since 2010, according to a weekly U.S. Department of Agriculture (USDA) report issued after Monday's market close.
The agency also reported that the corn harvest was 65% complete, ahead of the five-year average of 52%. The weekly pace was above analyst expectations of 63%, according to a Reuters poll of 12 analysts.
Earlier on Monday, the USDA confirmed a total of 380,000 metric tons of U.S. soybean sales and 500,000 tons of corn export sales, news that suggested buying interest after corn and soybean futures hit multi-week lows last week.
"The weather conditions have indeed been favourable for the progress of (U.S.) harvesting work," Argus analysts said in a note.
"Current price levels are also encouraging new (export)sales."
Brazil's soybean planting for the 2024/25 season had reached 18% of the total expected area as of last Thursday, agribusiness consultancy AgRural said on Monday, up from 8% the week before but still below last year's 30%.
CBOT wheat Wv1 was down 0.7% to $5.68-1/2 a bushel, after touching its lowest since Sept. 20.
For wheat, showers in parts of southern Russia and the U.S. Plains were expected to help planting.
The market continued to weigh Russian steps to regulate wheat exports, including through a reported price floor for selling in international tenders.
Results from a tender being held by Tunisia were awaited as a sign of the potential impact of the Russian measures.
Consultancy Sovecon raised its October forecast for Russian wheat exports to a potential record 4.8 million tons, saying merchants were trying to clear exports before a recent rise in prices triggered further hikes in Russia's export duty.
Prices at 1113 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 568.50 | -3.75 | -0.66 |
CBOT corn Cv1 | 410.50 | 1.00 | 0.24 |
CBOT soy Sv1 | 981.25 | 0.25 | 0.03 |
Paris wheat BL2Z4 | 222.50 | -1.75 | -0.78 |
Paris maize EMAc1 | 211.25 | -0.50 | -0.24 |
Paris rapeseed COMc1 | 509.00 | 4.50 | 0.89 |
WTI crude oil CLc1 | 71.22 | 0.66 | 0.94 |
Euro/dlr EUR= | 1.08 | 0.00 | 0.11 |
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 Eileen Soreng and Mark Potter
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