Wheat slips back to one-month low, soybeans consolidate
By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, Oct 25 (Reuters) - Chicago wheat eased on Tuesday to a one-month low, curbed by rain expected in dry U.S. and Argentine growing belts and ongoing Black Sea exports despite tensions over a shipping corridor from Ukraine.
Soybeans were almost unchanged as the market set supply pressure from a brisk Midwest harvest against strong export demand.
Corn edged lower.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.92% at $8.31 a bushel. It earlier fell to its lowest since Sept. 20, slightly below a previous one-month trough touched last week.
Sluggish U.S. wheat exports and competitive prices for Russian and Ukrainian supplies have hung over wheat markets, offsetting worries that a United Nations-backed shipping corridor from Ukraine may not be extended beyond November. Ukraine's exports of agricultural products could rise more than 8% in October from last month, the Ukrainian Agrarian Council said on Tuesday.
Traders are also watching to see if Russian wheat will be offered at competitive prices in a tender being held by Algeria, after being tipped to supply at least part of a large tender purchase on Friday by Turkey.
Weather forecasts pointing to showers in the coming days in drought-affected wheat zones in Argentina and the U.S. Plains also tempered supply concerns.
CBOT soybeans inched down 0.05% to $13.80-1/2 a bushel, while corn eased 0.51% to $6.78 a bushel. U.S. weekly soybean export inspections topped trade estimates.
Also on Monday, Chinese customs data showed soybean imports in September rose 12% from a year earlier.
The U.S. soybean harvest was 80% complete as of Sunday, the U.S. Department of Agriculture (USDA) said on Monday, ahead of the average estimate of 77% in a Reuters analyst poll and the five-year average of 67%.
Prices at 1119 GMT Last Change Pct End Ytd Pct Move 2021 Move CBOT wheat 831.00 -7.75 -0.92 770.75 7.82 CBOT corn 678.00 -3.50 -0.51 593.25 14.29 CBOT soy 1380.50 -0.75 -0.05 1339.25 3.08 Paris wheat 337.50 -1.50 -0.44 276.75 21.95 Paris maize 333.00 0.25 0.08 226.00 47.35 Paris rape 646.00 1.25 0.19 754.00 -14.32 WTI crude oil 83.34 -1.24 -1.47 75.21 10.81 Euro/dlr 0.99 0.00 -0.18 1.1368 -13.30 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne.
(Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Shailesh Kuber and Mark Potter)
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