Soybeans flat as US harvest pressure weighs; corn firms

By Reuters News

BEIJING, Oct 22 (Reuters) - Chicago soybeans were little changed on Thursday as harvest pressure weighed on prices, while corn rebounded slightly but remained constrained by expectations of a large crop.

Wheat recovered from a more than three-month low hit in the previous session, when optimism over diplomatic efforts to de-escalate the Russia-Ukraine war weighed on prices.

FUNDAMENTALS

* The most-traded soybean contract on the Chicago Board of Trade (CBOT) was little changed at $12.45-1/4 a bushel, as of 0109 GMT.

* CBOT corn gained 0.38% to $4.65 a bushel, while wheat added 0.12% to $6.29 a bushel.

* Dry weather forecast across the Midwest this week is expected to help US farmers accelerate harvesting of what the government projects to be bumper corn and soybean crops.

* Harvest pressure countered support from renewed Chinese demand as the US Department of Agriculture (USDA) confirmed more purchases by the world's top soy importer.

* Russian President Vladimir Putin hosted US envoy Steve Witkoff on Wednesday, a day after Witkoff met Ukrainian President Volodymyr Zelenskiy in Norway.

* The discussions raised expectations of potential de-escalation that might revive grain shipments through the critical Black Sea shipping area.

* In Argentina, wheat harvest for the 2026/27 season is expected to total 23.8 million metric tons, up from the 21 million estimated last month, due to higher-than-expected yields, the Rosario Stock Exchange said on Wednesday.

* Commodity funds were net sellers of CBOT wheat and soyoil, traders said on Wednesday.

DATA/EVENTS (GMT)

0645 France Business Climate Mfg, Overall Oct

1000 UK CBI Business Optimism Q4

1230 US Initial Jobless Clm 17 Oct, w/e

1400 EU Consumer Confid. Flash Oct

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