Soybeans, corn down on US harvest pressure; wheat falls

By Reuters News

SINGAPORE, Oct 5 (Reuters) - Chicago corn and soybeans lost more ground on Monday, with both commodities hovering near multi-week lows as the ongoing US harvest weighed on prices.

Wheat also fell, although disruptions to Black Sea supplies kept a floor under the market.


FUNDAMENTALS

* The most-active corn contract on the Chicago Board of Trade (CBOT) fell 0.5% to $4.95-1/4 a bushel by 0009 GMT, while soybeans lost 0.3% to $12.74-3/4 a bushel.

* Corn was trading near its lowest level since mid-August, while soybeans were not far from last week's five-week low.

* Wheat gave up 0.2% to $6.82 a bushel.

* The size of this autumn's US corn and soybean harvests is being debated among traders, who are awaiting crop production and World Agricultural Supply and Demand Estimates reports from the U.S. Department of Agriculture.

* Commodity brokerage StoneX last week lowered its estimate of the average US 2026 corn yield to 182.1 bushels per acre (bpa) from 182.9 bushels in its previous monthly report released on September 8.

* For soybeans, StoneX raised its forecast of the US 2026 yield to 54.1 bpa from its September estimate of 53.0 bpa.

* The corn market is facing pressure after the USDA reported last week that US farmers and grain handlers had 35% more corn in storage as of September 1 than a year earlier.

* A lack of progress in diplomatic efforts to restore normal shipping through the Black Sea limited losses in the wheat market. Russian President Vladimir Putin on Thursday rejected proposals for a truce in Black Sea attacks.

* Grain consultancy Sovecon said it had cut its forecast for Russia's 2026/27 grain exports to 44.7 million metric tons, down from 49.4 million tons seen earlier, warning that Azov and Black Sea ports will remain shut until 2027.


MARKET NEWS

* Major stock indexes rose and the dollar fell on Friday as expectations for a Federal Reserve interest rate increase later this month fell after softer-than-forecast US jobs data. MKTS/GLOB


DATA/EVENTS (GMT)

0750 France S&P Services, Composite PMI Sep

0755 Germany S&P Services PMI Sep

0755 Germany S&P Composite Final PMI Sep

0800 EU S&P Services, Composite Final PMI Sep

0830 UK S&P GLOBAL PMI: COMPOSITE - OUTPUT Sep

0830 UK Reserve Assets Total Sep

1345 US S&P Global Comp, Svcs PMI Final Sep

1400 US ISM N-Mfg PMI Sep

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