Chicago soybeans, corn and wheat futures were flat to slightly higher on Friday, consolidating before keenly anticipated U.S. government crop estimates that will give a pointer to the size of upcoming corn and soybean harvests.

The most active soybean contract on the Chicago Board of Trade (CBOT) ticked up 0.1% to $10.34-1/4 per bushel by 1149 GMT, holding above a one-week low touched on Thursday.

CBOT corn was up 0.4% at $4.21-1/4 a bushel, while CBOT wheat was unchanged on the day at $5.21-1/2 a bushel.

The U.S. Department of Agriculture (USDA) will release its September world supply and demand report at 1600 GMT, with analysts widely expecting cuts to U.S. soybean and corn yield forecasts.

Doubts that the corn crop will reach the massive size projected by the USDA in its August report, together with brisk export demand, helped corn prices reach a six-week high last Friday.

High levels of fungal disease in corn fields across the U.S. Midwest are threatening to reduce yields, growers and crop experts said.

However, many analysts are still anticipating record U.S. corn production, which will come on the heels of record output in rival exporter Brazil.

Brazilian farmers also reaped a record soybean crop in 2024/25 and early projections point to an even bigger haul in the new season.

“Competition for U.S. farmers therefore remains high,” Commerzbank said in a note.

A dearth of Chinese demand, due to a trade war with Washington, is also hanging over the soybean market, with U.S. farmers missing out on billions of dollars in soybean sales to China halfway through their prime marketing season.

“Soybeans, although supported by corn, remain in the anxiety of trade negotiations with China,” Argus analysts said in a note.

Ample global supply has also curbed wheat prices.

Commodity research firm Expana raised on Thursday its estimate of the main wheat crop in the European Union to an all-time high and joined other forecasters in anticipating record global wheat output this season.

Consultancies IKAR and Sovecon each said on Wednesday they had further increased their estimates for the wheat harvest in Russia, the world’s biggest supplier, to around 87 million metric tons.
Source: Reuters