Soybeans were slightly lower earlier on Tuesday on speculation that the United States Department of Agriculture (USDA) will raise its forecast for ending stocks, but gained more ground later to trade near last session’s six-week high as rains in parts of the U.S. Midwest threatened to slow the harvest and reduce crop quality.
Soybeans for November delivery lost three cents to $8.66 a bushel on the Chicago Board of Trade, soy meal futures fell $1.40 to $317.10 a short tonne while soy oil declined 0.07¢ to 29.57¢ a pound.
The agency is expected to boost its forecast for stockpiles to 898 million bushels, up from 845 million a month earlier, in its World Agricultural Supply and Demand Estimates Report on Thursday.
The USDA may raise its inventories estimate for corn to 1.919 billion bushels, up from 1.774 billion in September, Paul Georgy, a market observer said.
Wheat stocks are pegged at 950 million bushels, up from 935 million a month earlier.
Wheat was unchanged after dropping to a one-week low as exporters from the Black Sea continued to offer stiff competition in the international market.
The most-active soybean contract on the Chicago Board of Trade gained 0.3 percent to $8.72 a bushel, having climbed to its highest since Aug. 22 at $8.74 on Monday.
Wheat was flat at $5.14 a bushel, after falling earlier in the session to its lowest since Oct 2 at $5.12 a bushel and corn was unmoved at $3.66-1/2 a bushel, having closed down 0.5 percent in the previous session.
Russian grain exports quickened last week, exporting 15.7 million tonnes of grain over July 1 to Oct. 4, and up 26 percent from a year ago including 13.5 million tonnes of wheat.
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