Soybeans, corn fall on US harvest pressure; wheat rebounds
DBA•Chicago soybeans and corn each fell 0.1% as U.S. harvesting and positioning ahead of supply-demand reports weighed on prices, while wheat rose 0.1% amid Black Sea export disruptions.
1. Grains diverge
The most-active Chicago Board of Trade soybean contract fell 0.1% to $12.86-1/2 a bushel and corn lost 0.1% to $4.99-3/4. Wheat added 0.1% to $6.84 a bushel, its first gain in three sessions.
2. Harvest and supply
Traders tracked corn and soybean harvest progress in favorable U.S. Midwest weather ahead of monthly U.S. Department of Agriculture reports due later Friday. Analysts polled by Reuters expected the USDA to lower its average corn yield estimate but raise its view of end-of-season U.S. supplies; traders also expected a sharp increase in harvesting after clear weather allowed fieldwork to resume.
3. Black Sea exports
Wheat prices were supported by a lack of supplies from Russia and Ukraine as both countries seek alternative export routes. Russia's export capacity at Baltic Sea ports has increased, and Ukraine is seeking to ship grain via the Baltic Sea and German ports.
