(Recasts, updates with U.S. trading, adds new analyst quote,
changes byline, dateline, pvs PARIS/SINGAPORE)
By Mark Weinraub
CHICAGO, Sept 29 U.S. soybean futures firmed on
Thursday on a mild round of bargain buying and short-covering
ahead of a key government report on Friday, traders said.
Signs of strong export demand for the oilseed also lent
support to soybean futures but gains were kept in check by
reports of good yields from fields in the western part of the
U.S. Midwest as harvest ramped up.
Wheat futures fell on a technical setback amid ample global
supplies. Corn futures were down slightly, under pressure from
the wheat market and a weak export report.
Trading was choppy as investors squared positions ahead of
the U.S. Agriculture Department's closely watched quarterly U.S.
grain stocks data on Friday.
"Nobody wants to really make a commitment one way or the
other," said Bill Gentry, a broker at Risk Management
Commodities in Lafayette, Indiana.
At 10:15 a.m. CDT (1515 GMT) Chicago Board of Trade November
soybean futures were up 3-1/4 cents at $9.48-3/4 a bushel.
USDA on Thursday morning reported export sales of U.S.
soybeans in the latest week at 1,692,900 tonnes, topping a range
of trade expectations for 1.1 million to 1.3 million.
Additionally, top buyer China has booked U.S. soybean
shipments this week, underpinning the market.
"Soybeans are edging higher .... but it's hard to get any
big rally in prices because of plentiful supplies," said Phin
Ziebell, agribusiness economist at National Australia Bank.
CBOT December corn futures were off 1/4 cent at $3.29
USDA said export sales of corn totalled just 575,000 tonnes,
below a range of trade expectations for 750,000 to 950,000
CBOT December soft red winter wheat futures were down
5 cents at $3.98-1/4 a bushel. The contract firmed during
overnight trading but hit resistance as it neared its 30-day
moving average, a level it has not traded above since August 22.
Rains could continue slowing harvesting of corn and soybeans
in the eastern Midwest up to the weekend, but the west of the
crop belt looks dry until at least Tuesday, the Commodity
Weather Group said in a daily note.
(Additional reporting by Naveen Thukral in Singapore and Gus
Trompiz in Paris; Editing by David Evans and Alan Crosby)