Soybeans dip on US harvest pressure; wheat gains on Black Sea risks

By Reuters News

BEIJING, Oct 22 (Reuters) - Chicago soybeans edged lower on Thursday, hovering near an eight-week low as harvest pressure weighed on prices, while corn rebounded modestly but remained capped by expectations of a large US crop.

The most-traded soybean contract on the Chicago Board of Trade (CBOT) was down 0.12% at $12.43-3/4 a bushel, as of 0659 GMT.

CBOT corn gained 0.43% to $4.65-1/4 a bushel, while wheat added 0.24% to $6.29-3/4 a bushel.

A 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 for US soybeans as the US Department of Agriculture (USDA) confirmed more purchases by the world's top soy importer.

Corn futures drew support from stronger domestic ethanol demand and bargain buying, analysts at BMI, a Fitch Solutions research unit, said in a note.

"The broader market continues to face headwinds from large crop projections," the note said.

Wheat recovered from a three-month low hit in the previous session, as traders continued to monitor war-related disruptions to Black Sea trade.

Missiles struck Kyiv in the early hours of Thursday, a Reuters witness said, and Ukraine sent hundreds of drones towards Moscow overnight, as the two sides kept up a barrage of attacks despite the latest US mediation attempts to end the war.

Ample global supplies limited gains. In Argentina, the 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.

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