Content ID

335127

GRAINS-Soybeans down on U.S. harvest progress, wheat ticks lower

SINGAPORE, Oct 25 (Reuters) - Chicago soybean futures slid on Tuesday as rapidly progressing U.S. harvest weighed on the market, although strong demand led by top importer China curbed losses.

Wheat eased as crop-friendly rains in drought-hit U.S. Plains wheat belt lifted prospects for the recently planted winter crop.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 0.4% to $13.67 a bushel, as of 0125 GMT and corn fell 0.2% to $6.80-1/4 a bushel.

* Wheat gave up 0.1% to $8.38-1/4 a bushel.

* The U.S. soybean harvest was 80% complete as of Sunday, the U.S. Department of Agriculture (USDA) said in a weekly progress report on Monday, ahead of the average estimate of 77% in a Reuters analyst poll, and the five-year average of 67% after a week of mostly clear skies helped speed fieldwork.

* The U.S. corn harvest was 61% complete, the USDA said, ahead of the five-year above of 52% but just behind the average analyst estimate of 62%.

* U.S. weekly soybean export inspections topped trade estimates on Monday as shipments through Pacific Northwest terminals accelerated and Gulf Coast loadings were stronger than anticipated.

* Corn inspections, however, remained lighter than normal for the season and wheat inspections were below trade estimates.

* China's soybean imports in September rose 12% from a year earlier to 7.72 million tonnes, customs data showed on Monday, reversing a months-long trend of low arrivals.

* September imports were up from 6.88 million tonnes a year earlier, data from the General Administration of Customs showed, and also higher than August imports of 7.17 million tonnes.

* In South America, the planting of Brazil's 2022/2023 soybean crop reached 34% of the estimated area, against 24% in the previous week and 38% in the same period last year, according to a survey by AgRural on Monday.

* The European Union's crop monitoring service MARS on Monday reduced further its forecast for this year's drought-affected EU maize harvest, but pointed to mostly favourable sowing conditions for winter cereals.

* The grains market is closely watching the pace of crop exports from Ukraine's Black Sea ports ahead of the expiration next month of a wartime shipping corridor deal.

* A U.N spokesperson said on Monday that "urgent" steps are needed to relieve a backlog of more than 150 ships involved in a deal, which allows Ukraine to export grain from ports in the Black Sea.

* The comments come as Kyiv accused Russia of blocking full implementation of the agreement, which was brokered by the United Nations and Turkey in July to ease a global food crisis and which comes up for renewal next month. Russia has threatened to pull out over its own complaints.

MARKET NEWS

* U.S. shares extended last week's rally and European shares climbed on Monday as signs of a cooling U.S. economy stoked hopes that the Federal Reserve will slow its pace of rate hikes.

DATA/EVENTS AHEAD (GMT) 0800 Germany Ifo Business Climate New Oct 0800 Germany Ifo Current Conditions New Oct 0800 Germany Ifo Expectations New Oct 1000 UK CBI Business Optimism Q4 1400 US Consumer Confidence Oct (Reporting by Naveen Thukral; Editing by Shailesh Kuber)

© Copyright Thomson Reuters 2022. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about
Loading...

Tip of the Day

Puncture spray cans

Spray can puncture The local scrapyard wouldn’t accept empty aerosol containers unless there was a hole in the can. So I glued a PVC cap to one end of a pipe... read more

Talk in Marketing

Most Recent Poll

Will you have enough on-farm storage for harvest?

I just want to see the responses
44% (28 votes)
Yes
39% (25 votes)
No, it’s going to be a bin-buster
8% (5 votes)
Maybe, depending on yields
5% (3 votes)
No, I am looking at new bins or temporary storage
5% (3 votes)
Total votes: 64
Thank you for voting.