Soybeans ease on forecast of improved South American weather
SINGAPORE, Sept 25 (Reuters) -Chicago soybean futures slid for the first time in three sessions on Wednesday, as an outlook for much-needed rains in Brazil eased worries about dry weather delaying planting in the world's biggest exporter of the oilseed.
Wheat and corn prices fell.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 lost 0.3% to $10.38-3/4 a bushel as of 0013 GMT, having risen on Tuesday to $10.58, its highest level since July 25.
* Wheat Wv1 lost 0.4% to $5.76 a bushel and corn Cv1 gave up 0.4% to $4.10 a bushel.
* The soybean market rallied on Tuesday after the central bank of China, the world's top soybean buyer, announced broad monetary stimulus and property market support measures to revive its economy.
* However, prices are coming under pressure as forecast models predict much-needed rains in Brazil next week that could bolster soybean planting and crop prospects.
* The U.S. corn and soybean harvest is progressing although rains crossed the central Midwest on Tuesday, interrupting fieldwork in some areas.
* In a weekly report released after Monday's market close, the USDA pegged the soybean harvest as 13% complete and the corn harvest as 14% done, both ahead of their respective five-year averages.
* In Argentina, grains and oilseed output could reach up to 143 million metric tons in the 2024/25 season under normal weather conditions, which could boost exports to their highest volume in four years, the Rosario grains exchange said on Tuesday.
* Agricultural markets are awaiting quarterly U.S. grain stocks report on Monday by the U.S. Department of Agriculture.
* The average estimate for Sept. 1 corn stocks, at 1.844 billion bushels, would represent a four-year high, up 35.6% from a year earlier. For soybeans, the average estimate of 351 million bushels would also be a four-year high, up 32.9% from the prior year.
* Workers at the six main grain terminals located in the Canadian port of Vancouver went on strike on Tuesday, a move that could disrupt exports of canola and other crops, government and industry officials said.
* Commodity funds were net buyers of CBOT soybean and soyoil futures contracts on Tuesday and net sellers of corn, wheat and soymeal futures, traders said. COMFUND/CBT
MARKET NEWS
* A widely followed global stock index rose to a record high and copper prices hit their strongest level in 10 weeks on Tuesday after China unveiled stimulus measures to support its economy. MKTS/GLOB
DATA/EVENTS (GMT)
0500 Japan Chain Store Sales YY Aug
1000 France Unemp Class-A SA Aug
1400 US New Home Sales-Units Aug
Reporting by Naveen Thukral; Editing by Rashmi Aich
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