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GRAINS-Soybeans ease after rally, hopes of strong demand curb losses

SINGAPORE, Nov 4 (Reuters) - Chicago soybean futures ticked lower on Wednesday, after gaining more than 1% in the last session on strong demand and lower-than-expected U.S. harvest progress.

Corn and wheat lost ground in early Asian trade.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade slid 0.2% to $10.62-1/2 a bushel, as of 0131 GMT, after gaining 1.1% in the last session.

* Corn fell 0.6% to $3.98-3/4 a bushel and wheat was down 0.2% at $6.07 a bushel.

* On Tuesday, soybeans climbed on news that Brazil, the world’s biggest soy exporter, is buying U.S. supplies as the country grapples with rising prices of domestic food staples.

* A U.S. grain export terminal near Baton Rouge, Louisiana, is loading about 38,000 tonnes of U.S. soybeans on a bulk cargo vessel for shipment to Brazil, according to a Southport Agencies shipping lineup seen by Reuters.

* Analysts said corn, rice, wheat and cotton exports to Brazil are possible from the United States, and more likely than soybean sales.

* Both corn and soybean futures have been supported by lower-than-expected harvest progress numbers reported by the U.S. Department of Agriculture on Monday.

* The U.S. harvest was 82% complete for corn and 87% complete for soybeans, ahead of the crops’ respective five-year averages, but both fell short of average analyst expectations.

* Trading in agricultural markets was subdued amid uncertainty over U.S. election results.

* President Donald Trump was narrowly leading Democratic rival Joe Biden in the vital battleground state of Florida on Tuesday, while other competitive swing states that will help decide the election outcome, such as Georgia and North Carolina, remained up in the air.

* Some analysts say the outcome will not affect the recent spate of grain buying from top importer China.

* Private analytics firm IHS Markit Agribusiness, formerly known as IEG Vantage, on Tuesday cut its forecast of the average U.S. 2020 corn yield to 175.7 bushels per acre (bpa), from 177.8 a month ago, according to traders and an IHS client note seen by Reuters.

* French soft wheat shipments outside the European Union in October reached their highest monthly level for the season, buoyed by a record volume of exports to China, an initial estimate based on Refinitiv data showed.

* Commodity funds were net buyers of CBOT soybeans, corn, soyoil, soymeal and wheat futures contracts on Monday, traders said.

MARKET NEWS

* Asian share markets turned cautious, paring sharp early gains as results from the U.S. Presidential election hinted at a close race with no clear winner yet in sight.

DATA/EVENTS (GMT) 0145 China Caixin Services PMI Oct 0500 India IHS Markit Svcs PMI Oct 0700 UK Reserve Assets Total Oct 0850 France Markit Serv, Comp PMIs Oct 0855 Germany Markit Services PMI Oct 0855 Germany Markit Comp Final PMI Oct 0900 EU Markit Serv, Comp Final PMIs Oct 1330 US International Trade Sept 1445 US Markit Serv, Comp Final PMIs Oct 1500 US ISM N-Mfg PMI Oct U.S. Federal Open Market Committee starts its two-day meeting on interest rates. (to Nov. 05) (Reporting by Naveen Thukral; Editing by Rashmi Aich)

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