Soybeans fall for third session, corn at one-week low on supply pressure
SINGAPORE, Oct 28 (Reuters) -Chicago soybean futures lost more ground on Monday, while corn slid to its lowest levels in almost one week, as pressure from mounting supplies weighed on the market amid uncertainty over U.S. election results.
Wheat touched its lowest levels in seven weeks, weighed down by improved weather in U.S. Plains and expectations of bumper southern hemisphere supply.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.7% at $9.81 a bushel, as of 0018 GMT, and corn Cv1 fell 0.8% to $4.12 a bushel, its weakest since Oct. 22.
* Wheat Wv1 dropped 1% to $5.63-1/4 a bushel, the lowest since Sept. 9.
* Hefty soybean and corn supplies from rapidly progressing U.S. harvest are providing headwinds to prices despite some gains last week on the back of strong demand.
* Republican former President Donald Trump and Democratic Vice President Kamala Harris are polling neck-and-neck in crucial swing states ahead of the Nov. 5 election. Investors are anxious about a contested result roiling world markets and unleashing fresh geopolitical uncertainty.
* For wheat, recent rains and forecasts of more wet weather in drought-hit U.S. Plains eased concerns about planting delays.
* Expectations of bumper supplies of the southern hemisphere weighed on wheat.
* Argentina's wheat exports could hit 13.3 million metric tons for the 2024/25 season, which would mark the second-highest year on record, the Rosario grains exchange said in a report on Friday.
* Australia has suffered some weather damage in recent months but the country is still expected to produce an above average crop.
* China's grain output is set to exceed a record 700 million metric tons this year, a key agriculture ministry official said on Friday, calling for continued efforts to ensure stable supply.
* That figure is 0.7% higher than the 2023 harvest of 695.41 million tons, data from the National Bureau of Statistics showed.
* There was additional pressure on grains and oilseed stemming from weakness in energy markets.
* Oil prices tumbled more than $3 a barrel on Monday after Israel's retaliatory strike on Iran over the weekend bypassed Tehran's oil and nuclear facilities and did not disrupt energy supplies, easing geopolitical tensions in the Middle East. O/R
* Large speculators trimmed their net short position in CBOT corn futures in the week ended Oct. 22, regulatory data released on Friday showed.
* The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and increased their net short position in soybeans.
MARKET NEWS
* Global stocks slipped on Friday, finishing the week lower amid U.S. election jitters, while oil prices rose due to concerns about fighting in the Middle East. MKYS/GLOB
DATA/EVENTS (GMT)
No major data/events expected for Monday, Oct 28
Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips
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