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334643

CBOT soybeans firm as traders position ahead of USDA crop report

CHICAGO, Oct 11 (Reuters) - Chicago Board of Trade soybean futures firmed on Tuesday, as traders adjusted positions ahead of widely followed U.S. government crop forecasts, slated to be released on Wednesday. * Investors were adjusting positions ahead of the U.S. Department of Agriculture's (USDA) monthly World Agricultural Supply and Demand Estimates and Crop Production reports - and say they are watching for any revisions the government may make to U.S. corn and soybean harvest estimates. * The benchmark CBOT November soybean futures contract settled up 2-1/4 cents at $13.76-1/4 a bushel. * CBOT December soymeal settled up 30-cents at $406.00 a ton and CBOT December soyoil slipped 0.59 cent to 65.47 cents per lb. * USDA's weekly crop progress report should show the U.S. soybean harvest as 41% complete following a week of mostly clear weather for field work, according to the average of estimates from 10 analysts polled by Reuters on Tuesday. * U.S. crop exports at Louisiana Gulf Coast terminals were at their lowest level in nine years for the first week of October, a period when export shipments typically accelerate, according to U.S. Department of Agriculture (USDA) data issued on Tuesday. * Weakness in commodity and equity markets also weighed overall on the grains sector on Tuesday, with renewed coronavirus restrictions in China adding to worries about slowing global demand, traders said. * Conditions continue to be problematic in the U.S. inland waterway system, due to historically low water, said Mike Steenhoek, executive director of the Soy Transportation Coalition. Limits on channel depth and channel width restrict the economics of barge transportation at a key time during harvest, he said. (Reporting by P.J. Huffstutter Editing by Marguerita Choy)

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