Soybeans steady as market eyes harvest, export news

PARIS/SINGAPORE: Chicago soybean futures edged higher on Wednesday, steadying after a day-ealier drop as traders awaited US harvest results and signs of further Chinese demand.

Soybeans had rallied in the past week above $10 for the first time in two years before seeing profit-taking on Tuesday fuelled by a lower than expected US soybean crushing estimate for August.

Corn was almost unchanged, consolidating after a six-month high earlier this week as traders mostly waited for US harvesting to gather pace.

Wheat edged lower.

"Grain Markets were mixed overnight as traders pause to catch their breath from the recent significant rally," brokerage Allendale said in a note.

The most-active soybean contract on the Chicago Board of Trade was up 0.6% at $9.97-3/4 a bushel by the end of overnight trading.

CBOT corn was down 0.1% at $3.65-1/2 a bushel and wheat down 0.5% at $5.35-1/2.

Dry weather expected in the Midwest is likely to help jump-start the harvest of large US corn and soybean crops.

Soybeans hit a June 2018 high above $10 on Monday, underpinned by strong Chinese demand.

The US Department of Agriculture (USDA) on Wednesday reported sales of 327,000 tonnes of US soybeans to China.

In the wheat market, a French exporters group said Algeria had decided to change its import tender terms to enable Black Sea origins like Russian wheat to be offered.