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Corn yields expected to be large
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Brazil soybean harvest not expected to be hurt by dry
weather
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Wheat supported by dry weather concerns
(Rewrites throughout, updates prices, analyst quotes, byline,
changes dateline from PARIS/CANBERRA, adds bullets)
By Renee Hickman
CHICAGO, Sept 20 (Reuters) -
Chicago corn futures ticked down and soybean futures hovered
near unchanged on Friday with seasonal harvest pressure on the
rise.
Meanwhile, wheat futures notched up on dryness in some
wheat-producing regions of the world, said analysts.
The most-active corn contract on the Chicago Board of Trade
(CBOT) was down 3-1/4 cents at $4.02-1/2 a bushel by 11:55
A.M. CDT (1655 GMT), on track to fall around 2.6% for the week
while soybeans were flat at $10.13-1/4 per bushel, on
track for a weekly rise of around 0.72%.
Most-active wheat contracts rose 2-1/2 cents to $5.68
per bushel, but were on track for a weekly drop of around 4.62%
Wheat rose with worries about dryness in the Black Sea, the
U.S. Southern Plains and Argentina, said Arlan Suderman, chief
Commodities Economist for the StoneX group.
Suderman said he was "expecting to see more tightness in
major exporting supplies, particularly as we get into the last
half of the marketing year."
Soybean prices drew some support from weekly U.S. export
sales that came in above trade expectations on Thursday,
according to traders,, but they were also pressured by
the beginning of the harvest with expectations of large
supplies.
The USDA also confirmed private sales of 121,000 metric
tons of U.S. soybeans to China for delivery in the 2024/25
marketing year.
"They really don't have a South American weather story
to counter that," said Suderman, noting that dry weather on the
continent was not expected to harm the Brazilian harvest, as
weather models show rains starting in October.
Although farmers would prefer the rains to come sooner,
October won't be too late, he said.
In the United States, "corn yields are just very
impressive," said Suderman. With farmers undersold and a big
harvest expected, lots of bushels are being pushed onto the
market.