Soybeans, corn, wheat retreat from highs, USA crop eyed

Grain futures market update

Soybeans, corn, wheat retreat from highs, USA crop eyed

Corn futures approached a seven-week high after the USDA report also showed tighter-than-expected inventories of the yellow grain. Most-active wheat futures were up 2.3%at $4.98-1/4 a bushel.

USDA positioned wheat shares at 2.38 billion bushels vs. the average commerce estimate at 2.318 billion. That was the largest-ever revision to the soyabean crop in any September USDA quarterly stocks report, said Bill Lapp, president of consultancy Advanced Economic Solutions.

Within the overseas markets, the crude oil market is $1.38 per barrel decrease, the USA greenback is more significant, and the Dow Jones Industrials are 156 factors greater. Because the start of the trade war with China for soybeans has struggled to move beyond $9.60 futures.

Rising concerns that rains in the U.S. Midwest could lower crop quality just ahead of harvest also supported the crop market, traders said. Soybeans rose 1.4% on Tuesday, hitting their highest since July 22 at $9.20 a bushel as Chinese purchases and a lower-than-expected estimate of USA stockpiles supported prices.

CBOT agricultural futures traded mixed on Thursday, with soybean futures falling slightly despite traders are awaiting more Chinese purchases of USA soybeans. Harvested was 8%, behind 16% previous year and 11% average.

China, the world's largest soybean importer, has slashed USA imports during the trade dispute.

Chinese firms bought up to 600,000 tonnes of US soybeans on Monday as part of a tariff-free quota allotted to the importers to buy up to 2 million tonnes this week, two sources with knowledge of the deals said.

Here's a closer look at spring wheat, corn and soybeans, the region's three major crops.

"Soybeans, corn and wheat markets are all seeing a pullback today with some profit taking and re-positioning after their strong rises this week", said Matt Ammermann, commodity risk manager at INTL FCStone.

Private traders on Friday reported to the U.S. Department of Agriculture sales of 126,000 metric tons of soybeans to China for delivery in the 2019/2020 marketing year.

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