Soybeans, corn, wheat retreat from highs, US crop eyed

USDA will release its quarterly grain stocks report on Monday.

USA soybean, wheat and corn futures fell on Wednesday as profit taking kicked in after strong rises this week, with a stronger dollar and good US weather forecasts also undermining sentiment.

Soybeans rose on renewed optimism about Chinese demand for US supplies of the oilseed.

The most active corn contract for December delivery was up 0.75 cent, or 0.2 percent week on week, to close at 3.715 dollars per bushel on Friday.

USDA positioned wheat shares at 2.38 billion bushels vs. the average commerce estimate at 2.318 billion.

Within the overseas markets, the crude oil market is $1.38 per barrel decrease, the US greenback is more significant, and the Dow Jones Industrials are 156 factors greater.

CBOT November soybean futures were down 6-1/2 cents at $9.13 a bushel. Concerns about excessive rains in the U.S. Midwest and dry weather in some South American crop areas also supported the prices. For soybeans, shares have been pegged at 913 million bushels vs. the current trade estimate of 982 million bushels.

The fall in corn futures also came despite the USDA pegging the pace of harvesting below market expectations.

The deals offered some support to a market anxious that the prolonged U.S./China trade war will continue to depress Chinese imports of U.S. soybeans. Chinese buyers have recently made a string of purchases, though, including up to 600,000 tonnes on Monday, according to traders.

"Wheat must prove export demand will offset a larger crop than past year, which won't be easy", Farm Futures said in a note.

"Soybean stocks stored on farms totaled 265m bushels, up 162% from a year ago", the department said. "Off-farm stocks, at 648m bushels, are up 92% from last September".

There is a bit less risk aversion in the marketplace Monday, following markets being roiled last Friday by reports the U.S. was considering limiting United States investors' investment in China, including the USA stock exchanges de-listing Chinese companies.

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