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GRAINS-Chicago corn, soybeans dip on big expected yields
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GRAINS-Chicago corn, soybeans dip on big expected yields
Sep 21, 2024 8:31 PM

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Corn yields expected to be large

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Brazil soybean harvest not expected to be hurt by dry

weather

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Wheat supported by dry weather concerns

(Updates prices)

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, analysts said.

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

(CBOT) settled down 4 cents at $4.01-3/4 a bushel. For the

week, it fell 1.81%.

Soybeans ended down $1-1/4 at $10.12 per bushel, with

a weekly rise of 0.57%.

Most-active wheat contracts rose 3 cents to end at

$5.68-1/2 per bushel, with a weekly drop of 4.91%.

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 would not be too late, Suderman added.

In the United States, "corn yields are just very impressive,"

Suderman said. With farmers undersold and a big harvest

expected, lots of bushels are being pushed onto the market,

Suderman added.

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