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GRAINS-Soybeans little changed after rally, Brazilian weather supports

SINGAPORE, Oct 14 (Reuters) - Chicago soybean futures were largely unchanged on Wednesday, holding on to gains of 1% from the previous session as a lack of rains in top producer Brazil underpinned prices.

Corn lost ground while wheat ticked lower in early Asian trade.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade was unchanged at $10.44 a bushel by 0144 GMT.

* Corn fell $0.3% to $3.90-1/4 a bushel and wheat eased quarter of a cent to $5.93-3/4 a bushel.

* Rains that were forecast to blanket a wide portion of Brazil starting on Oct. 10 have arrived in a patchy fashion and will not be sufficient for the nation’s 2020/21 soy planting cycle to advance considerably, meteorologists and industry experts told Reuters.

* The U.S. corn harvest was 41% complete as of Sunday, the U.S. Department of Agriculture (USDA) said in a weekly crop progress report on Tuesday, ahead of the five-year average of 32% and the average estimate in a Reuters analyst poll of 39%.

* The soybean crop was 61% harvested, the USDA said, well ahead of the five-year average of 42% and slightly ahead of the average analyst estimate of 59%.

* U.S. soybean crushings likely dropped in September to the lowest monthly level in a year, while soyoil stocks fell to a 13-month low, according to analysts polled ahead of a National Oilseed Processors Association (NOPA) report due on Thursday.

* Argentina’s Federation of Oilseeds Workers started an open-ended wage strike at 2 p.m. (1700 GMT) on Tuesday, the labour group said, with no sign yet of government intervention that would force members back to work while new contract talks are held.

MARKETS

* Asian equities were set to slip on Wednesday as halted COVID-19 vaccine trials and an elusive U.S. stimulus agreement weighed on investor sentiment, while the dollar rose from Tuesday’s three-week low as demand firmed for safe-haven assets.

DATA/EVENTS (GMT) 0630 India WPI Inflation YY Sept (Reporting by Naveen Thukral; Editing by Aditya Soni)

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