Corn rebounds from 1-week low; soy, wheat also firm

PARIS/SINGAPORE: Chicago corn futures edged higher on Wednesday, steadying after a one-week low in the previous session as the market assessed mixed reports from an advancing US harvest and sought a clearer picture of export prospects.

Wheat tracked corn higher to also recover from a one-week low, with support from brisk importer demand.

Soybeans also ticked up, underpinned by rising vegetable oil futures as traders awaited Thursday's weekly US export data for further clues on Chinese demand.

The most-active corn contract on the Chicago Board Of Trade (CBOT) was up 0.5% at $5.19-3/4 a bushel as of 1059 GMT.

On Tuesday, the contract touched a one-week low as it fell for a fourth straight session.

The US Department of Agriculture (USDA) said after Monday's market close that the US corn harvest was 10% complete, ahead of the five-year average of 9% for this time of the year.

"People are getting a better idea of the crop - enough to take risk off the table but not enough to change the idea of tight stocks in the US," Michael Magdovitz, commodity analyst with Rabobank, said.

"I think the break in prices probably spurred a bit of commercial buying."

The USDA's update on Monday rated 59% of the US corn crop in good-to-excellent condition, up 1 point from the previous week, an improvement that added to supply pressure.

Corn firms from 7-1/2 month low; wheat, soybeans fall

But analysts noted reports of disappointing yields in some early corn harvesting that were helping keep prices well supported above $5.

CBOT wheat was up 1.1% at $6.97-1/2 a bushel and soybeans inched up 0.2% to $12.76-3/4 a bushel.

A slowdown in US export loadings due to damage caused by Hurricane Ida, as well as a rally in the dollar, has tempered US export sentiment.

Thursday's weekly US export sales report would be monitored by the soybean market in particular to see if Chinese demand picks up ahead of the peak loading season for US soy.

"Right now, export sales are not sufficient to give confidence to the market, that's why we've seen soybeans trickling below $13," Magdovitz said.