By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, Nov 9 (Reuters) – Chicago soybean futures were little changed on Tuesday after hitting their lowest in nearly a month as traders waited to see if a U.S. government report would support expectations of improved harvest prospects.
Corn edged higher, halting a five-day fall, as investors adjusted positions before the U.S. Department of Agriculture’s (USDA) monthly world crop report at 1700 GMT, in which the agency is also expected to raise its estimate for U.S. corn production.
Wheat also ticked up.
The most active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down half a cent at $11.88 a bushel by 1249 GMT, having dropped earlier in the session to its lowest since Oct. 13 at $11.86-3/4.
Increasing expectations for higher yields in the advancing U.S. soybean harvest, along with favourable planting conditions in Brazil and easing Chinese import demand, have weighed on soybean prices.
A five-week low for Malaysian palm oil, as it retreats from last month’s record highs, was also pressuring the rest of the oilseed complex. POI/
“The context is not favourable for soybeans,” one European trader said.
Harvest progress in the United States and signs that a delayed Ukrainian harvest is reaching the market have also curbed corn prices.
However, traders see potential upside for corn if farmers shift away from the crop next year because of high fertiliser prices.
CBOT corn Cv1 was up 0.4% at $5.53-3/4 a bushel and wheat Wv1 rose 0.7% to $7.73-1/4 a bushel.
Tunisia issued a tender to buy 100,000 tonnes of wheat, signalling fresh import demand after a lull in the past week. GRA/TEND
Prices at 1249 GMT
Last
Change
Pct Move
End 2020
Ytd Pct Move
CBOT wheat Wv1
773.25
5.25
0.68
640.50
20.73
CBOT corn Cv1
553.75
2.25
0.41
484.00
14.41
CBOT soy Sv1
1188.00
-0.50
-0.04
1311.00
-9.38
Paris wheat BL2Z1
284.25
0.50
0.18
192.50
47.66
Paris maize EMAc1
234.25
-0.50
-0.21
219.00
6.96
Paris rape COMc1
677.50
-1.00
-0.15
418.25
61.98
WTI crude oil CLc1
82.30
0.37
0.45
48.52
69.62
Euro/dlr EUR=
1.16
0.00
-0.09
1.2100
-4.34
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 Rashmi Aich and David Goodman)
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