SINGAPORE, Oct 26 (Reuters) - U.S. wheat futures edged lower on Wednesday after rising marginally in the last session, with Egypt, the world’s largest importer, buying wheat from Russia and Romania.
Soybeans eased for a second session as supplies from a freshly-harvested record U.S. crop hit the market, although losses were limited by strong Chinese demand.
* The Chicago Board of Trade most-active wheat contract slid 0.1 percent to $4.03-3/4 a bushel, while soybeans lost 0.1 percent to $9.89-3/4 a bushel. Corn was unchanged at $3.49-1/4 a bushel.
* Egypt’s state grain buyer GASC said on Tuesday it had bought 420,000 tonnes of wheat in a tender. Of the total, GASC purchased 180,000 tonnes of Russian wheat and 240,000 tonnes of Romanian grain.
* Egypt has bought most of the wheat that it needs from Russia in recent weeks.
* Russia’s IKAR agriculture consultancy said on Tuesday it had cut its forecast for Russia’s 2016/2017 grain exports by 600,000 tonnes to 39.4 million tonnes.
* All-time high U.S. soybean production is anchoring the soybean market. This is the fourth straight year of global soybean production hitting record highs.
* Brazil is muscling in on the peak season for U.S. soybean sales to China, the world’s biggest buyer, as major producers vie to slim down bulging stockpiles.
* In deals signed last week, exporters from Brazil sold four shipments to China for delivery in November and December and more are being negotiated, trading sources said, eating into U.S. market share with aggressive pricing.
* Still demand from China is keeping a floor under the market. The U.S. Department of Agriculture said on Tuesday that China bought 516,000 tonnes of U.S. soybeans.
* Commodity funds were net buyers of CBOT corn and wheat futures contracts on Tuesday and net sellers in soybeans and soyoil, traders said.
* U.S. stocks fell on disappointing earnings reports on Tuesday, while the U.S. dollar slipped from multi-month highs after Bank of England Governor Mark Carney cast doubt on expectations for more monetary stimulus.
DATA AHEAD (GMT) 0600 Germany GfK consumer sentiment Nov 0600 Germany Import prices Sep 0645 France Consumer confidence Oct 1230 U.S. Wholesale inventory Sep 1400 U.S. New home sales Sep (Reporting by Naveen Thukral; Editing by Joseph Radford)
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