India is considering extending a ban on wheat exports as the
world's second-biggest producer seeks to replenish state
reserves and bring down domestic prices, Reuters reported,
citing government sources.
CBOT corn dipped 0.3% to $6.76-1/4 a bushel.
Argentina's corn harvest was pegged at 47 million tonnes, 5
million lower than the January outlook.
But the U.S. corn stockpile at the end of the 2022/23
marketing year would likely come in at 1.267 billion bushels, 25
million bushels higher than the January estimate, the USDA said.
That is higher than the 1.266 billion bushels that analysts had
expected to see from the USDA report.
(Reporting by Enrico Dela Cruz in Manila; Editing by Sherry
Jacob-Phillips)
(Updates prices, adds analyst comment)
Feb 9 (Reuters) - Chicago soybean futures swung between
losses and gains in Asian trading on Thursday, as traders
weighed the impact of dry weather conditions in Argentina while
also taking into account a larger-than-expected build in U.S.
stockpiles.
Wheat and corn were also subdued after advancing in the
previous session following the release of the U.S. government's
latest world agricultural supply and demand estimates.
The most-active soybean contract on the Chicago Board
of Trade (CBOT) was down 0.3% at $15.15-3/4 a bushel, as of 0610
GMT, after rising 0.3% to $15.23-1/2 earlier in the session.
U.S. soybean end stocks were seen at 225 million bushels, up
15 million bushels from the January outlook due to a slower pace
of crushing at processing plants in December, the U.S.
Department of Agriculture said in its February supply and demand
report.
Analysts, however, said the market remained focused on the
impact of dry weather on Argentine crops, which will likely
continue supporting prices.
Soybean harvest in Argentina, the world's third-biggest
producer of the oilseed, will fall to 41.00 million tonnes, down
from 45.50 million tonnes estimated in January, the USDA said.
If the weather dryness continues, "it will be difficult for
Argentina to produce more than 40 million tonnes of soybeans in
the new season," Huatai Futures analysts said in a note.
CBOT wheat edged up 0.2% to $7.66-1/2 a bushel.
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