GRAINS-U.S. wheat, corn, soy futures weak with export demand in focus
(Updates with U.S. trading, adds new analyst quote; pvs PARIS/SINGAPORE)
By Mark Weinraub
CHICAGO, Oct 19 (Reuters) -
U.S. wheat and corn futures fell on Wednesday as poor demand on the export market weighed on prices.
Soybeans also were weak but the declines were kept in check by recent sales to overseas buyers and good demand for soymeal.
Rally attempts in soybeans were beat back by concerns that global purchasers will shift their demand for soybeans to South American suppliers as soon as possible due to lower prices in countries such as Brazil and Argentina.
"You can at least write a story on the beans that export demand is still better than last year," said Mark Schultz, chief analyst at Northstar Commodity. "It may not be as good as we want and our window of opportunity is pretty narrow right now to get the business."
At 11:20 a.m. CDT (1620 GMT), Chicago Board of Trade November soybean futures were up 3/4 cent at $13.72-3/4 a bushel.
CBOT December corn was down 4-1/4 cents at $6.76-3/4 a bushel and CBOT December soft red winter wheat was off 9-1/2 cents at $8.40 a bushel.
Wheat futures held support above the four-week low of $8.32-3/4 a bushel the most-active contract hit on Tuesday.
Analysts were expecting a U.S. Agriculture Department report to show wheat export sales were in a range
between 200,000 and 550,000 tonnes
in the week ended Oct. 13. That compares with 211,823 tonnes a week earlier.
Corn export sales were forecast between 250,000 and 775,000 tonnes and soybean export sales between 1.7 million and 2.8 million tonnes.
Wheat traders are also monitoring as risks to global supply drought in Argentine and U.S. wheat belts, torrential rain in parts of Australia ahead of harvesting, and a slow planting pace in Ukraine. (Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Rashmi Aich, Devika Syamnath and Andrea Ricci)
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