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Chicago soybeans hit 11-week low as US harvest nears end

By Reuters News

BEIJING, Nov 4 (Reuters) - Chicago soybean futures fell to an 11-week low on Wednesday as US farmers neared the end of a big harvest, while concerns grew that cheaper Brazilian supplies could intensify competition for demand outside China.

Corn dropped to a four-month low under harvest pressure and worries over sluggish US export demand. Wheat also eased as traders focused on upcoming peace talks between Russia and Ukraine, analysts said.


FUNDAMENTALS

* The most-traded soybean contract on the Chicago Board of Trade (CBOT) fell 0.82% to $12.04 a bushel by 0206 GMT.

* CBOT corn lost 0.45% to $4.40-1/2 a bushel, while wheat dropped 0.96% to $5.94 a bushel.

* The US Department of Agriculture said on Monday the US soybean harvest was 88% complete, ahead of the five-year average of 84%. The agency previously forecast a record-large soybean crop this year. Corn harvesting was 74% complete.

* Analysts said abundant freshly harvested supplies and sluggish export demand were pressuring corn prices.

* China's lead trade negotiator Li Chenggang met with a US agricultural trade delegation on Monday, the Chinese commerce ministry said.

* The Kremlin confirmed Russia will take part in three-way peace talks with Ukraine and the US in Abu Dhabi on November 10-11.

* Diplomatic efforts to end the war in Ukraine eased concerns that the conflict could disrupt grain exports from the Black Sea region.

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

DATA/EVENTS (GMT)

0145 China RatingDog Services PMI Oct

0850 France S&P Services, Composite PMI Oct

0855 Germany S&P Services PMI Oct

0855 Germany S&P Composite Final PMI Oct

0900 EU S&P Services, Composite Final PMI Oct

0930 UK S&P Global PMI: Composite - Output

0930 UK Reserve Assets Total Oct

1000 EU HICP Flash YY Oct

1000 EU HICP-X,F,E,A&T Flash YY, MM Oct

1330 US International Trade $ Sep

1445 US S&P Global Comp, Svcs PMI Final Oct

1500 US ISM N-Mfg PMI Oct

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