|End-of-day quote - 09/18|
Soybeans lose more ground on lower U.S. crush; corn down 1%
|09/15/2020 | 08:53pm|
SINGAPORE, Sept 16 (Reuters) - Chicago soybean futures lost more ground on Wednesday, with prices weighed down by data showing lower processing in the United States and forecasts of crop-friendly harvest weather in the Midwest.
Corn slid 1% while wheat dropped for a second session.
* The most-active soybean contract on the Chicago Board of Trade was down 0.5% at $9.86-3/4 a bushel, as of 0035 GMT, having lost 0.8% in the previous session.
* Corn futures gave up 1.1% to $3.62 a bushel and wheat slid 0.4% to $5.36 a bushel.
* Industry data showing a lighter-than-expected U.S. soybean-crushing pace added to bearish sentiment. The National Oilseed Processors Association said its members, which handle about 95% of all soybeans crushed in the United States, processed 165.055 million bushels of the oilseed in August, a nine-month low that fell below the average trade estimate of 169.5 million.
* Dry weather expected in Midwest is likely to help jump-start the harvest of large U.S. corn and soybean crops.
* Soybeans hit a June 2018 high of 10.09 a bushel on Monday, underpinned by strong Chinese demand.
* The U.S. Department of Agriculture (USDA) on Tuesday confirmed sales of 132,000 tonnes of U.S. soybeans to China, along with sales of soybeans and corn to unknown destinations.
* The USDA late Monday rated 60% of U.S. corn in good-to-excellent condition, down from 61% last week, and 63% of U.S. soybeans as good-to-excellent, down from 65% previously.
* France's farm ministry on Tuesday lowered its estimate of this year's soft wheat harvest due to a further reduction in the crop area, pegging production at 25% below last year's level after a tough growing season marked by torrential rain and drought.
* Asian shares were set for a mixed open on Wednesday as investors awaited the Federal Reserve's view on the economy at the end of its policy meeting, although upbeat Chinese and U.S. economic data is likely to give sentiment a tailwind.
DATA/EVENTS (GMT) 0600 UK CPI YY Aug 1230 US Retail Sales MM Aug 1800 US Federal Open Market Committee announces its decision on interest rates (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)