GRAINS-Soybeans firm, but harvest pressure, strong dollar limit gains
SINGAPORE, Oct 6 (Reuters) - Chicago soybean futures inched higher on Thursday, although pressure from U.S. harvest and a stronger dollar kept a lid on prices.
Wheat edged up while corn prices were largely flat.
* The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.4% at $13.74-1/4 a bushel, as of 0028 GMT. Wheat added 0.2% to $9.04 a bushel and corn was unchanged at $6.84 a bushel.
* The U.S. harvest of corn and soybeans is progressing under clear skies across much of the Midwest this week, adding seasonal pressure to the markets as traders monitored yield reports from farmers.
* The corn harvest was 20% complete by Sunday and the soybean harvest was 22% complete, the U.S. Department of Agriculture (USDA) said.
* Commodity brokerage StoneX raised its estimate of the average U.S. corn yield to 173.9 bushels per acre (bpa), from 173.2 previously, but lowered its corn production estimate to 14.056 billion bushels, from 14.168 billion last month.
* For soybeans, StoneX lowered its forecast of the U.S. 2022 yield to 51.3 bpa from its Sept. 1 figure of 51.8. The firm forecast U.S. soybean production at 4.442 billion bushels, down from 4.515 billion previously.
* The USDA is scheduled to release updated crop estimates on Oct. 12.
* In the wheat market, the lowest price offer submitted in the tender on Wednesday from Iraq's state grains board to buy a nominal 50,000 tonnes was believed to be $386 a tonne for cargo to be sourced from Ukraine.
* Commodity funds were net sellers of CBOT soybean, soymeal and wheat futures contracts on Wednesday and net buyers of corn and soyoil futures, traders said.
* U.S. stocks slipped on Wednesday, ending the strongest two-day rally since 2020, while the dollar and Treasury yields rose on the back of signs the U.S. economy remained hot and Federal Reserve officials were resolute in rate hikes.
DATA/EVENTS (GMT) 0030 Australia Trade Balance G&S Aug 0500 India S&P Global Svcs PMI Sept 0600 Germany Industrial Orders MM Aug 0600 Germany Manufacturing O/P Cur Prices SA Aug 0600 Germany Consumer Goods SA Aug 0830 UK All-Sector PMI Sept 1230 US Initial Jobless Clm Weekly (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
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