GRAINS-Soybean rally snuffed out as U.S. harvest advances

martes 4 de octubre de 2016 15:06 GYT

* Soy harvest slightly ahead of expectations

* Corn edges up to nearly 11-week high on spreads against soy

* Wheat ends flat, pressured by technical selling (Updates with closing U.S. prices)

By Rod Nickel

WINNIPEG, Manitoba, Oct 4 (Reuters) - Chicago soybean prices fell on Tuesday, snuffing out a three-session rally as an accelerating U.S. harvest shifted attention back toward the prospect of record production.

Corn edged higher, supported by short-covering in spread trades against soybeans, while wheat finished flat, held in check by technical selling and ample U.S. supplies.

Chicago Board of Trade's most-active November soybean contract fell 1.1 percent, or 9-1/2 cents, to $9.63-1/2 a bushel, after prices on Monday hit their highest point since Sept. 23.

The U.S. soybean harvest was 26 percent complete as of Sunday, ahead of the trade estimates' average of 25 percent but behind the five-year average of 27 percent, the U.S. Department of Agriculture (USDA) said after the market closed on Monday.

USDA also said 74 percent of U.S. soybeans were in good or excellent shape, up one percentage point from a week ago.   Continuación...