BEIJING: Chicago soybean and corn futures were flat on Wednesday, and hovered near three-year lows, ahead of a key USDA report with traders anticipating large South American harvests. Wheat slipped after ending lower in the previous session.
China to consolidate increase in soybean production, work report says
Fundamentals
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The most-active soybean contract on the Chicago Board of Trade (CBOT) held its ground at $11.49-1/2 a bushel by 0236 GMT.
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CBOT corn was flat at $4.26-1/2 a bushel.
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Wheat fell 0.5% to $5.48-1/4 a bushel.
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Traders are awaiting the US Department of Agriculture’s (USDA) monthly supply-and-demand report on Friday to assess the latest estimates on corn and soy production in South America.
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Analysts on average expect the USDA to lower its estimate for Brazil’s soybean harvest to 152.28 million metric tons and Argentina’s harvest to 50.23 million metric tons, a Reuters poll showed.
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Chinese importers are believed to have purchased at least 65,000 metric tons of animal feed corn from Ukraine in deals on Monday, European traders said on Tuesday.
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Rainfall in Argentina is set to become less frequent as the El Nino weather phenomenon subsides, giving way to a drier autumn and the possibility of a La Nina climate pattern, the Buenos Aires Grains Exchange said on Tuesday.
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The El Nino weather pattern has begun to weaken, but will continue to fuel above-average temperatures across the globe, the World Meteorological Organization (WMO) said on Tuesday.
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Indonesia is likely to import larger volumes of wheat in 2024, compared with 10.87 million metric tons shipped last year, driven by higher demand for flour and animal feed, a senior industry official said on Tuesday.
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