* Soybeans sink on U.S. harvest data; corn weaker
* Wheat futures continue climb on bargain-buying
Oct 3 (Reuters) –
Chicago soybean futures fell on Tuesday to nearly their
lowest levels since December of 2021, on improving signs for the
U.S. harvest and as a brisk start to planting in Brazil created
supply pressure.
Corn prices dropped on robust harvest data, while wheat
edged up as it continued to recover from Friday’s plunge to a
three-year low after bargain buying from China.
Chicago Board of Trade (CBOT) soybeans were down
almost 1.5% at $12.58-1/4 a bushel by 10:20 a.m. CDT (1520 GMT).
The contract earlier reached its weakest since June 28 at
$12.56-3/4.
The drop in soybeans followed the release of U.S.
government data on Monday
rating
52% of the crop “good” or “excellent,” beating analysts’
expectations for 50%. The U.S. Department of Agriculture’s
(USDA) figures showed corn crop ratings were unchanged at 53%
rated “good” or “excellent.”
CBOT corn slid just over 0.8% to $4.84-3/4 a
bushel.
Brokerage StoneX raised its estimates of U.S. 2023
corn and soybean production.
“As more producers get out there, they’re seeing a
little better than expected on the corn yield,” said Darin
Fessler, a senior vice president and market strategist with
Lakefront Futures in Lincoln, Nebraska.
In Brazil, which competes with the United States in export
markets, 2023/24 soybean planting reached 5.2% of the expected
area last week, the quickest pace ever for the period, an
agribusiness consultancy said.
CBOT wheat futures added 0.5% to $5.69-1/2 a bushel,
extending gains from Monday on bargain-buying after prices fell
more than 6% to a three-year low on Friday.
“The Chicago (wheat) market is dirt-cheap right now,”
said Fessler, responding to a USDA report on Tuesday on the sale
of 220,000 metric tons of U.S. soft red winter
wheat to China
.
It was the first time China had purchased that
particularly class of wheat from the U.S. since July 2021.
(Reporting by Zachary Goelman in New York City; additional
reporting by Gus Trompiz in Paris and Peter Hobson in Canberra;
Editing by Paul Simao)
