Grains-Soybeans Subdued as Market Braces for U.S. Stocks Data

Chicago soybean futures edged down on Friday after rebounding this week to a one-month high, as investors awaited U.S. grain stocks data and further clues about the ongoing Midwest harvest. Corn and wheat were almost unchanged ahead of the U.S. Department of Agriculture’s quarterly stocks report at 1600 GMT. The most-active soybean futures on the Chicago Board of Trade were down 0.3 percent at $8.52-1/4 a bushel by the end of the overnight trading session. The contract touched a one-month high on Thursday after recovering from last week’s 10-year low. The USDA report is expected to show soybean stocks as of Sept. 1 at 401 million bushels, up from 302 million a year earlier and the largest Sept. 1 figure since 2007. Rising soybean supplies, amid a trade dispute with top importer China and at the start of what is expected to be a record U.S. harvest, have weighed on the oilseed market. A flurry of exports to non-Chinese destinations has helped prices steady after their decade low but analysts remained cautious. “There have been a few export sales to unusual destinations but it’s not at all significant compared to the shortfall in shipments to China,” Alexandre Boy of consultancy Agritel said. The most-active CBOT corn futures inched up 0.1 percent to $3.65-1/4 a bushel while wheat ticked down 0.1 percent to $5.12-1/2 a bushel. Corn has been supported by brisk export demand, which could help absorb an expected bumper harvest. U.S. corn exports last week totalled 1.7 million tonnes, topping a range of analysts’ expectations for 900,000 to 1.3 million tonnes. U.S. wheat has been capped by moderate export sales, confounding expectations that it would capture demand from Russia. But Thursday’s export data showed U.S. wheat sales reached a six-week high of 657,100 tonnes last week, topping analyst expectations.