By Mark Weinraub
CHICAGO, Oct 6 (Reuters) – Chicago Board of Trade corn and soybean futures fell on Wednesday on seasonal harvest pressure and forecasts that should allow U.S. farmers to continue to make good progress with the cutting of their crops, traders said.
“Harvest should continue to expand with weather allowing for quick progress with yields holding up well overall so far,” FuturesOne said in a note to clients.
Wheat futures were firmer on a round of bargain buying after falling on Tuesday but gains were kept in check by lukewarm demand for U.S. supplies.
The lowest offer in the international tender from Egypt’s state commodities buyer GASC to buy wheat on Wednesday for shipment between Nov. 11 to Nov. 20 was believed to be $319.97 a tonne FOB sourced from Romania, traders said. No U.S. supplies were offered in the tender.
At 11:34 a.m. CDT (1628 GMT), Chicago Board of Trade December soft red winter wheat futures WZ1 were up 3-1/4 cents at $7.48 a bushel.
CBOT November soybeans SX1 were 9-3/4 cents lower at $12.40-3/4 a bushel while CBOT December corn CZ1 was down 5-1/2 cents at $5.32 a bushel.
“Yields are good,” Summit Commodity Brokerage analyst Tomm Pfitzenmaier said. “They are pretty good across the board in corn and beans.”
Soft wheat exports from the European Union in the 2021/22 season that started in July had reached 8.07 million tonnes by Oct. 3, up from 5.56 million tonnes by the same week in 2020/21.
In Ukraine the agriculture ministry lowered its forecast for the 2021 grain harvest to 80.25 million tonnes from 80.63 million, ministry data showed on Wednesday.
(Additional reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris; editing by Jason Neely and Chris Reese)
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