WINNIPEG - U.S. soybeans dipped on Wednesday for a second session, while wheat was mixed, as both crops were weighed down by abundant harvest prospects in key countries.
Mixed findings from a widely watched U.S. crop tour helped corn eke out modest gains.
The annual four-day Pro Farmer Midwest Crop Tour late on Tuesday reported above-average soybean pod counts in Nebraska and Indiana.
U.S. soybeans benefit from strong demand, due to production shortfalls in South America, "but we're still going to have a big crop," said Bill Gary, president of Commodity Information Systems in Oklahoma City.
Tour scouts were likely to measure even bigger pod counts in Iowa and Illinois on Wednesday, said Gary, adding that he does not see any price boost for the oilseed in the near term.
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Most-active November soybean futures on the Chicago Board of Trade dropped 4-1/2 cents, or 0.4 percent, to $10.09 a bushel by 9:49 a.m. CDT (1449 GMT).
Wheat is under pressure from expectations for Canada's second-largest wheat crop in 25 years, and a raised estimate for Ukrainian production.
"We've got unbelievable amounts of grain in the world," Gary said. "I don't know what we're going to do with all this grain."
Most-active Chicago December wheat futures turned slightly higher, up 1/2 cent at $4.28 a bushel, after touching $4.23-1/4 in earlier trade, the lowest since Aug. 17. Some other contract months dipped.
U.S. Midwest tour results were less positive for corn production, as Nebraska yields were seen lower year over year, while in Indiana, yields looked higher, but fell short of U.S. Department ofAgriculture estimates from Aug. 12.
"Crop scouts have described yields from the eastern and western legs of the tour so far as 'inconsistent'," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
"The wide range, some say, does not give the impression of a record 175.1 bushels per acre U.S. corn yield. Results from the remainder of the tour will be closely watched."
Corn also got a boost after the USDA said private exporters sold 101,600 metric tons of U.S. corn to unknown destinations for 2016/17 delivery.
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Most-active December corn futures added 1-1/2 cents, or 0.4 percent, to $3.38-3/4. Prices earlier hit a low of $3.34-1/2 a bushel, the weakest since Aug. 16.
