Wheat, corn and soybeans subdued ahead of export news

• "US wheat is uncompetitive on the international scene, particularly because of the dollar's strength against other currencies,"
• The most active wheat futures on the Chicago Board of Trade were down 0.3pc at $4.87-3/4 a bushel by 1145 GMT.

SYDNEY: Chicago wheat, corn and soybean futures were little changed on Thursday, consolidating after losses in the previous session as grain markets awaited US export data for an update on overseas demand.

Investors were also awaiting a clearer picture of US corn and soybean harvests that are currently underway, with yields seen as hard to call due to exceptionally late planting this year.

Traders were watching for the US Department of Agriculture's (USDA) weekly export sales report at 1230 GMT, as well as any further announcements of large individual sales of soybeans to China.

A lack of competitiveness for US wheat, as shown by the absence of US wheat offers in an Egyptian import tender, fuelled a 2pc slide for Chicago futures on Wednesday.

The most active wheat futures on the Chicago Board of Trade were down 0.3pc at $4.87-3/4 a bushel by 1145 GMT.

"US wheat is uncompetitive on the international scene, particularly because of the dollar's strength against other currencies," consultancy Agritel said.

CBOT soybeans were down 0.1pc at $9.12-3/4 a bushel, after closing slightly lower on Wednesday.

CBOT corn was also down 0.1pc, at $3.87-3/4 a bushel, having closed down 1.2pc in the previous session.

Traders were assessing scope for more Chinese purchases of US soybeans as part of goodwill gestures before high-level trade talks between Washington and Beijing.

Chinese companies purchased up to 600,000 tonnes of US soybeans on Monday as part of a tariff-free quota allotted to importers to buy as much as 2 million tonnes, two sources with knowledge of the deals said.

"Hopes are high that China will continue buying soybeans and pork, but traders want confirmation," brokerage Allendale said.

Lower than expected USDA estimates of US soybean and corn stocks on Monday were also underpinning prices of the crops pending results of the US harvest.

Brokerage INTL FCStone on Tuesday raised its estimate of the average US 2019 corn yield to 169.3 bushels per acre, from 168.4 in its previous monthly report.