Soybeans rise after 4-day slide, but harvest pressure caps gains
JAKARTA, Oct 30 (Reuters) -Chicago soybean futures rose on Wednesday after a four-session slide, with reports of lower exports from top exporter Brazil and higher European imports supporting the market, although a strong U.S. soy harvest limited the gains.
Corn and wheat futures edged higher.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.15% at $9.80-1/2 a bushel, as of 0016 GMT, corn Cv1 climbed 0.06% to $4.14 a bushel and wheat Wv1 gained 0.74% to $5.74-3/4 a bushel.
* Soybean exports from Brazil in October were seen lower than the previous estimate, data from the country's grains exporter association ANEC showed.
* The U.S. Department of Agriculture said late on Monday that the U.S. soybean harvest was 89% complete, ahead of the five-year average of 78%, though slightly below analyst expectations of 91% complete, with a record-large 2024 crop.
* Algeria's state grains agency OAIC has issued an international tender to buy soft milling wheat to be sourced from optional origins, European traders said on Tuesday.
* Soft wheat exports from the European Union since the start of the 2024/25 season in July had reached 7.26 million metric tons by Oct. 25, down 33% compared with 10.90 million a year earlier, data published by the European Commission showed on Tuesday.
* Meanwhile, European Union soybean imports so far in the 2024/25 season had reached 3.78 million metric tons by Oct. 25, up 1% compared with 3.74 million tons a year earlier.
* Commodity funds were net buyers of CBOT corn, wheat and soyoil futures contracts on Tuesday, traders said. They were net sellers of soybean and soymeal futures contracts. COMFUND/CBT
MARKET NEWS
* Global stock indexes mostly rose on Tuesday, with the Nasdaq scoring a record closing high ahead of key earnings reports this week, while Treasury yields hit multi-month highs early as the U.S. presidential election was just a week away.MKTS/GLOB
DATA/EVENTS (GMT)
0630 France GDP Preliminary QQ Q3
0855 Germany Unemployment Chg SA Oct
0855 Germany Unemployment Rate SA Oct
0900 Germany GDP Flash QQ SA Q3
0900 Germany GDP Flash YY NSA Q3
1000 EU GDP Flash Prelim YY Q3
1000 EU GDP Flash Prelim YY Q3
1000 EU Consumer Confid. Final Oct
1230 US GDP Advance Q3
1300 Germany CPI Prelim YY Oct
1300 Germany HICP Prelim YY Oct
Reporting by Bernadette Christina; Editing by Subhranshu Sahu
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