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GRAINS-Chicago corn dips, soybeans steady on big expected yields
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GRAINS-Chicago corn dips, soybeans steady on big expected yields
Oct 3, 2024 12:27 AM

*

Corn yields expected to be large

*

Brazil soybean harvest not expected to be hurt by dry

weather

*

Wheat supported by dry weather concerns

(Rewrites throughout, updates prices, analyst quotes, byline,

changes dateline from PARIS/CANBERRA, adds bullets)

By Renee Hickman

CHICAGO, Sept 20 (Reuters) -

Chicago corn futures ticked down and soybean futures hovered

near unchanged on Friday with seasonal harvest pressure on the

rise.

Meanwhile, wheat futures notched up on dryness in some

wheat-producing regions of the world, said analysts.

The most-active corn contract on the Chicago Board of Trade

(CBOT) was down 3-1/4 cents at $4.02-1/2 a bushel by 11:55

A.M. CDT (1655 GMT), on track to fall around 2.6% for the week

while soybeans were flat at $10.13-1/4 per bushel, on

track for a weekly rise of around 0.72%.

Most-active wheat contracts rose 2-1/2 cents to $5.68

per bushel, but were on track for a weekly drop of around 4.62%

Wheat rose with worries about dryness in the Black Sea, the

U.S. Southern Plains and Argentina, said Arlan Suderman, chief

Commodities Economist for the StoneX group.

Suderman said he was "expecting to see more tightness in

major exporting supplies, particularly as we get into the last

half of the marketing year."

Soybean prices drew some support from weekly U.S. export

sales that came in above trade expectations on Thursday,

according to traders,, but they were also pressured by

the beginning of the harvest with expectations of large

supplies.

The USDA also confirmed private sales of 121,000 metric

tons of U.S. soybeans to China for delivery in the 2024/25

marketing year.

"They really don't have a South American weather story

to counter that," said Suderman, noting that dry weather on the

continent was not expected to harm the Brazilian harvest, as

weather models show rains starting in October.

Although farmers would prefer the rains to come sooner,

October won't be too late, he said.

In the United States, "corn yields are just very

impressive," said Suderman. With farmers undersold and a big

harvest expected, lots of bushels are being pushed onto the

market.

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