CBOT soybeans, corn slip on US harvest progress; wheat rebounds

By Reuters News

BEIJING, Oct 19 (Reuters) - Chicago soybeans and corn dipped on Monday on expectations that dry Midwest weather would accelerate harvest activity this week, while wheat rebounded from a two-month low hit on Friday.

FUNDAMENTALS

* The most-traded soybean contract on the Chicago Board of Trade (CBOT) fell 0.1% to $12.6 a bushel by 0154 GMT. CBOT corn slipped 0.37% to $4.72-1/2 a bushel, extending its losing streak to a fifth straight session, while wheat rose 0.45% to $6.63-1/2 a bushel.

* A recent spell of dry weather across the US Midwest has enabled farmers to speed up harvesting of summer crops, with many growers prioritising soybeans ahead of corn.

* China's return to the US soybean market has provided some support to prices. On Friday, the US Department of Agriculture confirmed private sales totalling 558,000 metric tons of US soybeans to China, bringing total confirmed sales to China to 1.358 million tons over the past three days.

* Favourable weather forecasts for US winter wheat planting this week added pressure to the wheat market.

* Commodity funds were net sellers of CBOT corn, soybeans and wheat, traders said on Friday. .


MARKET NEWS

* Oil prices slipped on Monday after US President Donald Trump waived sanctions and tariffs on Russia that may lead to more Russian fuel exports.O/R

DATA/EVENTS (GMT)

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0400 Japan Tertiary Ind Act NSA Aug

N/A UK House Price Rightmove MM, YY Oct

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