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Soybean futures down after three sessions of strong gains
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Chicago wheat dips, corn firm ahead of U.S. planting
report
(Adds quote in paragraphs 3-4, updates prices)
By Naveen Thukral
SINGAPORE, March 29 (Reuters) - Chicago soybean futures
slid on Wednesday as prices eased from last session's one-week
high, although concerns over lower production in drought-hit
Argentina provided a floor under the market.
Wheat fell and corn edged higher in positioning ahead of
Friday's annual U.S. Department of Agriculture (USDA) planting
intentions report.
"Argentina is the world's largest meal exporter and crushing
facilities are having difficult time in buying soybeans from
producers," commodities research firm Hightower said in a
report.
"The early stages of U.S. planting across the Midwest are
running into wet fields and cold temperatures."
The most-active soybean contract on the Chicago Board of
Trade (CBOT) fell 0.2% to $14.65-1/2 a bushel, as of 0256
GMT. Wheat lost quarter of a cent to $6.99-1/2 a bushel
and corn added 0.1% to $6.47-3/4 a bushel.
Argentina's Buenos Aires grains exchange maintained its
2022/2023 production forecasts for both soybean and corn on last
week, but cautioned further cuts were possible with yields on
the first batches of soy coming in below expectations.
The exchange, which has been forced by a historic drought
hitting the country to repeatedly sharply cut soybean and corn
harvest forecasts, held its soybean estimate at 25 million
tonnes and its corn outlook at 36 million tonnes.
Agricultural markets are likely to seek direction from U.S.
planting report due on Friday.
Analysts polled by Reuters ahead of the report on average
expect 2023 corn plantings at 90.880 million acres, wheat at
48.852 million acres and soybeans at 88.242 million acres.
Ukraine's grain exports for the 2022/23 season were down
17.7% to 36.9 million tonnes as of March 27 reflecting a smaller
harvest and logistical difficulties caused by Russia's invasion,
agriculture ministry data showed.
Russia has no plans to halt wheat exports but wants
exporters to ensure high prices for farmers, sources told
Reuters.
The USDA reported another flash sale to China of 136,000
tonnes of U.S. corn.
Commodity funds were net buyers of CBOT corn, soybean,
wheat, soymeal and soyoil futures contracts on Tuesday, traders
said. (Reporting by Naveen Thukral; editing by Uttaresh
Venkateshwaran)
