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GRAINS-Soybeans rise on harvest concerns; corn firm; wheat weak
(Updates with U.S. trading, adds analyst quote, changes byline,
dateline, previous PARIS/SINGAPORE)
By Mark Weinraub
CHICAGO, Oct 5 (Reuters) - U.S. soybean futures rose 1.2
percent on Thursday to their highest in nearly a week, supported
by reports of some disappointing yields in key Midwest
production areas and technical buying, traders said.
Concerns about rains slowing down the U.S. harvest, which
was already behind the typical pace, added further strength to
soybeans. The weather outlook also underpinned corn, but gains
were kept in check by weakness in the wheat market.
"You have got some rain so we are probably going to be
limited on harvest pressure in the short term," said Mark
Schultz, chief analyst at Northstar Commodity Investment Co.
Wheat futures were trading in negative territory after
failing to break through technical resistance early in the
At 10:18 a.m. CDT (1518 GMT), Chicago Board of Trade
November soybean futures were up 11-1/4 cents at $9.69-1/2
a bushel. Soybeans hit their highest since Sept. 29 earlier in
"The U.S. soybean harvest is being delayed as rains seem to
be an issue," said Phin Ziebell, agribusiness economist at
National Australia Bank.
Soybeans firmed overnight trading but gains accelerated
during the daytime session after the November contract broke
through its 10-day and 20-day moving averages.
CBOT December corn was up 1/2 cent at $3.48-3/4 a
The U.S. Agriculture Department said weekly export sales of
corn totalled 814,100 tonnes, topping market forecasts that
ranged from 500,000 to 700,000 tonnes. Export sales of soybeans
and wheat were in line with trade estimates.
CBOT December soft red winter wheat was down 1-3/4
cents at $4.40-1/4 a bushel, hitting their lowest since Sept.
Wheat prices remained capped by export competition created
by a record Russian harvest this year. Analysts said that U.S.
offerings were still too expensive for overseas buyers despite
the recent futures weakness.
(Additional reporting by Naveen Thukral in Singapore and Gus
Trompiz in Paris; Editing by David Goodman and James Dalgleish)
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