Chicago soybeans shed gains on harvest pressure
BEIJING, Oct 31 (Reuters) -Chicago soybean futures dropped on Thursday, shedding gains from the previous session, as abundant supplies from freshly harvest crops in the U.S. and South America weighed on prices.
Corn and wheat futures also edged lower.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.18% at $9.89-4/8 a bushel, as of 0032 GMT, corn Cv1 fell 0.43% to $4.09-6/8 a bushel and wheat Wv1 eased 0.92% to $5.68 a bushel.
* Brazil's soy planted area was seen rising 1.5% in the 2024/25 crop from the previous cycle to reach 47 million hectares, Rabobank said on Wednesday.
* The U.S. Department of Agriculture's (USDA) raised its forecast for Argentina's 2024/2025 soybean production to 52 million metric tons on 17.2 million hectares (MHA) harvested, as producers shifted to more soy from corn over fears of the impact of corn stunt, continued low prices, and expected dry conditions.
* The USDA said earlier this week that the U.S. soybean harvest was 89% complete, ahead of the five-year average of 78%, though slightly below analysts' expectations of 91%, with a record-large 2024 crop.
* The USDA confirmed private sales of 132,000 metric tons of U.S. soybeans to China, another 132,000 tons of U.S. soybeans to unknown destinations and 273,048 tons of U.S. corn to unknown destinations for shipment in the 2024/25 marketing year.
* China is willing to cooperate more closely with Russia in the soybean industry, its agriculture ministry quoted an official as saying on Wednesday, without giving any details.
* A 24-hour strike by transportation unions in Argentina is blocking ships from docking or departing from the grains ports in Rosario, a major ports chamber announced on Wednesday.
* Ukraine's new system of minimum export prices for the country's key grain and oilseed shipments is likely to be operational at the beginning of December, Ukrainian agriculture minister Vitaliy Koval said on Wednesday.
* Commodity funds were net buyers of Chicago Board of Trade soybeans, soyoil and wheat futures contracts on Wednesday, traders said.
MARKET NEWS
* Global stock indexes edged lower on Wednesday as a disappointing forecast from Advanced Micro Devices weighed on chipmakers, while gold prices rose to a record high as uncertainty ahead of next week's U.S. presidential election drove safe-haven demand. MKTS/GLOB
DATA/EVENTS (GMT)
0130 China NBS Manufacturing PMI Oct
0745 France CPI (EU Norm) Prelim YY Oct
0745 France CPI (EU Norm) Prelim MM Oct
0745 France CPI Prelim YY NSA Oct
0745 France CPI Prelim MM NSA Oct
0745 France Producer Prices YY Sept
1000 EU HICP Flash YY Oct
1000 EU HICP-X F,E,A&T Flash YY Oct
1000 EU HICP-X F, E, A, T Flash MM Oct
1000 EU Unemployment Rate Sept
1230 US Consumption, Adjusted MM Sept
1230 US Core PCE Price Index MM Sept
1230 US Core PCE Price Index YY Sept
1230 US PCE Price Index MM Sept
1230 US PCE Price Index YY Sept
1230 US Initial Jobless Clm 26 Oct, w/e
Japan JP BOJ Rate Decision 31 Oct
Reporting by Mei Mei Chu; Editing by Sherry Jacob-Phillips
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