Soybeans firm after bouncing back from latest four-year low
Soybeans rebound after setting another four-year low
Bumper U.S. harvest outlook hangs over soybean market
Corn and wheat follow soybeans up
Rewrites throughout, updates prices, analyst quotes, bullets, byline, changes dateline from PARIS/SINGAPORE
By Renee Hickman
CHICAGO, Aug 14 (Reuters) -Chicago soybeans rose on Wednesday, bouncing back on technical trading after hitting another four-year low, according to analysts.
Corn and wheat followed, though recent U.S. Department of Agriculture reports and export competition in wheat weighed on the market.
The U.S. Department of Agriculture (USDA) raised its forecast for 2024/25 U.S. soybean production to a record level in a monthly outlook on Monday.
That led soybeans to be deeply oversold, said Don Roose, president of agricultural broker U.S. Commodities. "Maybe the hangover from the crop report is behind us," he said.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 4-3/4 cents at $9.67-1/4 a bushel by 12:00 p.m. CDT (1700 GMT).
Corn followed the soybean rebound, having fallen on USDA data showing the U.S. crop in better than expected condition on Monday after a rally on lower than expected acreage in a separate USDA report.
A steadying in crude oil prices on Wednesday also lent some support to soybeans and corn, which are used in biofuels. O/R
CBOT corn Cv1 ticked up 3-1/2 cents to $4.00-3/4 a bushel while CBOT wheat Wv1 was flat $5.28-3/4 a bushel.
The weather outlook remained benign for corn and soybean crops in the U.S. Midwest, though traders are monitoring drought in Ukraine where producers warned that the corn crop could shrink by a third from last year if there is no rain relief.
Cheaper Black Sea supplies remained a drag on wheat prices. Egypt's state grains buyer said it bought 280,000 metric tons of wheat in a tender on Monday, falling well short of its target of 3.8 million tons.
But the country's state commodities buyer GASC has since held talks to buy 30 cargoes, or up to 1.8 million metric tons, of wheat from sellers including Russia, traders said.
Reporting by Renee Hickman in Chicago, Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Josie Kao
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