* Harvest progress caps 3-day rally in Chicago soybeans
* Farmers harvest 26 pct of US soybeans, up from 10 pct a
* Corn dips from 10-1/2 week top, wheat falls on ample
(Adds comment, detail)
By Naveen Thukral
SINGAPORE, Oct 4 Chicago soybean prices edged
lower on Tuesday, snapping a three-session rally and easing from
their highest in more than a week as a pick up in the pace of
U.S. harvesting kept a lid on the market.
Corn slid from its highest since late July, while wheat fell
for a second day with pressure from plentiful global supplies.
Chicago Board of Trade's most-active soybean contract
fell 0.3 percent to $9.70 a bushel by 0240 GMT, having firmed
about 2 percent on Monday when prices hit their highest since
Corn gave up 0.1 percent to $3.45-1/2 a bushel, having
advanced about 2.5 percent in the previous session to its
highest since July 21. Wheat fell 0.1 percent to $3.95 a
bushel, having closed down around 1.5 percent on Monday.
"U.S. soybean conditions remain excellent and around a
quarter of the crop has been harvested so far - significantly
slower than last year, but not too far behind the five-year
average pace," said Tobin Gorey, director of agricultural
strategy at Commonwealth Bank of Australia.
"Progress should speed up this week with some drier weather
in the eastern Midwest."
U.S. farmers have finished harvesting 26 pct of the soybean
crop, sharply higher than 10 pct a week ago and near the
five-year average pace of 27 percent, the U.S. Department of
Agriculture said after the market closed on Monday.
Meanwhile, 24 percent of the crop has been gathered, up from
15 pct a week ago and slightly below the five-year average of 27
In news which could support the soybean market, Argentina
will not reduce export taxes this year or in 2017 as previously
announced and will instead reduce the tax by 0.5 percentage
points per month from January 2018 to December 2019, President
Mauricio Macri said on Monday.
That could prompt farmers to plant other crops at the
expense of beans in the upcoming season, underpinning prices of
Commodity brokerage INTL FCStone said on Monday it raised
its estimate of the average U.S. 2016 soybean yield to a record
52.5 bushels per acre (bpa), from 50.1 in its previous monthly
report. The firm raised its soybean production estimate to 4.357
billion bushels from 4.163 billion last month.
The USDA last week pegged U.S. wheat stocks as of Sept. 1 at
their highest since 1987, while corn supplies were smaller than
Grains prices at 0240 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 395.00 -0.50 -0.13% -1.00% 404.86 43
CBOT corn 345.50 -0.50 -0.14% +4.94% 332.64 70
CBOT soy 970.00 -3.00 -0.31% +2.08% 965.93 53
CBOT rice 10.06 $0.00 -0.05% +2.97% $9.77 69
WTI crude 48.55 -$0.26 -0.53% +0.64% $45.83 67
Euro/dlr $1.120 -$0.004 -0.36% -0.20%
USD/AUD 0.7666 0.001 +0.16% +0.43%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Joseph Radford)