SINGAPORE, Sept 30 (Reuters) – Chicago soybeans slid for a second session on Tuesday, with the market on track for quarterly and monthly losses as a lack of Chinese demand for U.S. cargoes and seasonal harvest pressure weigh on prices. Corn and wheat also fell and were set to end September in the red. FUNDAMENTALS * The most-active soybean contract on the Chicago Board of Trade fell 0.3% to $10.08 a bushel, as of 0024 GMT, corn gave up 0.2% to $4.20-1/2 a bushel and wheat lost 0.4% to $5.17-1/4 a bushel. * Soybeans are set to finish the third quarter with a decline of almost 2% and the month down more than 4%. Corn has gained almost 3% this quarter, but it is down around half a percentage point in September. Wheat has lost nearly 4% in the quarter and more than 3% this month. * Warm and dry weather over the U.S. grain belt promoted harvest over the weekend, and forecasts called for more of the same this week. The U.S. Department of Agriculture has projected a record-large U.S. corn crop this year. * The U.S. corn harvest was 18% complete by Sunday and the soybean harvest was 19% complete, the agency said in a weekly crop report after the market closed on Monday. * Meanwhile, U.S. soybean exporters are missing out on business to China amid a trade war between the two nations, with rival suppliers from Latin America taking their share. * After Buenos Aires briefly suspended grain export taxes last week, around 40 Argentine soybean cargoes were registered for export in November and December, mostly headed to China. These purchases are directly eating into the prime U.S. marketing season. * Russian wheat export prices rose for a second week in a row, responding to increased demand from importers while shipments accelerated, analysts said. MARKET NEWS * Global stocks rose on Monday while the dollar retreated as investors prepared for a possible shutdown of the U.S. government, which could delay publication of the September payrolls report and a raft of other key data due this week. DATA/EVENTS (GMT) 0130 China NBS Manufacturing PMI Sep 0145 China RatingDog Manufacturing PMI Final Sep 0145 China RatingDog Services PMI Sep 0600 UK GDP QQ, YY Q2 0645 France CPI (EU Norm) Prelim MM, YY Sep 0645 France CPI Prelim MM, YY NSA Sep 0645 France Producer Prices YY Aug 0755 Germany Unemployment Chg SA Sep 0755 Germany Unemployment Rate SA Sep 1200 Germany CPI Prelim YY Sep 1200 Germany HICP Prelim YY Sep 1400 US Consumer Confidence Sep (Reporting by Naveen Thukral; Editing by Alan Barona)
(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)
