Soybeans rise after 4-day slide, but harvest pressure caps gains
Wheat rises on disappointing winter wheat conditions
Corn trades sideways as U.S. harvest gets collected
Update prices, add analyst comments
JAKARTA, Oct 30 (Reuters) -Chicago soybean futures inched higher on Wednesday after a four-session slide, with prices supported by reports of lower exports from top exporter Brazil and higher European imports, although a strong U.S. soy harvest limited the gains.
Wheat futures edged higher, while corn traded sideways.
"The U.S. (soybean) crop may turn out bigger than expected. On top of this, we have oil prices sliding again globally, which keep a lid on soybeans," said Ole Houe, director of advisory services at IKON Commodities in Sydney.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.31% at $9.82 a bushel, as of 0154 GMT. Wheat Wv1 gained 0.53% to $5.73-1/2 a bushel, while corn Cv1 was unchanged at $4.13-3/4 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.
Soybean imports by the European Union so far in the 2024/25 season had reached 3.78 million metric tons by Oct. 25, up 1% from a year earlier, data published by the European Commission showed on Tuesday.
The U.S. Department of Agriculture said earlier this week 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.
Wheat rose for a second straight session amid worries over disappointing winter wheat conditions in the United States as dry weather impeded planting.
"Wheat has found a bottom as global supply and demand is starting to shrink. We think that the recovery will continue for another day or two," Houe said.
Soft wheat exports from the European Union since the start of the 2024/25 season in July had reached 7.26 million tons by Oct. 25, down 33% from a year earlier.
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.
Meanwhile, corn meandered as the last of U.S. harvest gets collected and demand is slow, Houe said.
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
Reporting by Bernadette Christina; Editing by Subhranshu Sahu
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