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Mercados

GRAINS-Corn, soybeans drop on U.S. harvest pressure; wheat eases

SINGAPORE, Sept 28 (Reuters) - Chicago soybeans and corn futures slid on Monday, with both falling for five out of six sessions, weighed down by a brisk pace of U.S. harvest.

Wheat edged higher in early Asian trade.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board Of Trade (CBOT) lost 0.2% to $10.00-1/4 a bushel, as of 0047 GMT, corn fell 0.3% to $3.64 a bushel. Wheat added 0.1% to $5.44-1/2 a bushel.

* Traders expect market to remain under pressure in the coming days as U.S. harvesting of corn and soybeans speeds up and growers book sales.

* Large speculators raised their net long position in CBOT corn futures in the week to Sept. 22, regulatory data released on Friday showed.

* The Commodity Futures Trading Commission’s weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and raised their net long position in soybeans.

* Coceral has cut its forecast of this year’s maize harvest in the European Union plus Britain to 62.8 million tonnes from 64.6 million projected a month ago, the grain trade lobby said on Friday, citing the impact of hot, dry weather.

* A labour union representing Argentine grains port workers said on Sunday it would stage a 24-hour walk-off from midnight after failing to strike a deal on a collective work agreement with the business chamber that represents private port owners.

* Ukraine has harvested 37.6 million tonnes of grain from 10.3 million hectares, or 67 percent of the sown area, Ukraine’s economy ministry said on Friday.

MARKET NEWS

* The dollar gained ground on Friday and measured its biggest weekly gain since early April as investors worried about a slowing economic recovery, rising coronavirus infections in Europe, uncertainty about U.S. stimulus, and the upcoming elections here.

DATA/EVENTS

No major data/events expected on Monday (Reporting by Naveen Thukral; Editing by Rashmi Aich)

Nuestros Estándares: Los principios Thomson Reuters.

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