Analysts, however, said the market remained focused on the
impact of dry weather in Argentina, and saw the USDA's
reduced estimate of the country's soybean crop at 41 million
tonnes as still optimistic.
If 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 corn was unchanged on the day at $6.78-1/2 a
bushel.
The corn market was also weighing declining prospects for
Argentina's corn crop and rain risks to Brazilian planting,
against the USDA's increased outlook for U.S. stocks.
CBOT wheat edged up 0.3% to $7.67-1/4 a bushel.
Russia's Deputy Foreign Minister Alexander Grushko said on
Wednesday that work to unblock Russian exports under the Black
Sea grain deal was unsatisfactory, the TASS news agency
reported.
However, results reported by traders of tenders by Algeria
this week suggested that Black Sea origins including Russian
wheat remained competitive for export.
India, meanwhile, is considering extending a ban on wheat
exports, according government sources cited by Reuters.
(Reporting by Gus Trompiz in Paris and Enrico Dela Cruz in
Manila; Editing by Sherry Jacob-Phillips)
(Updates with European trading, changes byline/dateline)
By Gus Trompiz and Enrico Dela Cruz
PARIS/MANILA, Feb 9 (Reuters) - Chicago soybean futures
edged higher on Thursday as traders shrugged off an increased
forecast of U.S. stocks and focused on the impact of drought on
Argentina.
Rain delays to Brazil's soybean harvest, which may also hold
up corn planting, were also being monitored.
Chicago wheat was firm as traders assessed drought in the
U.S. Plains and renewed Russian criticism of a wartime shipping
corridor deal with Ukraine.
Corn was flat.
A weaker dollar and strength in equity and commodity markets
lent some support to grains while participants awaited weekly
U.S. export sales data.
The most-active soybean contract on the Chicago Board
of Trade (CBOT) was up 0.6% at $15.28-3/4 bushel by 1236 GMT.
In its February supply and demand report on Wednesday, the
U.S. Department of Agriculture (USDA) raised its projection of
2022/23 U.S. soybean ending stocks.
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