Soybeans, corn rebound on higher oil prices; US harvest caps upside

According to Business Recorder, Chicago soybeans and corn regained some of the previous session's losses on Thursday, helped by firmer oil prices and traders positioning before a monthly agricultural report. Wheat dipped, but a shortage of Black Sea supplies linked to the Russia-Ukraine war restricted the decline. On the Chicago Board of Trade, the most-active soybean contract rose 0.2% to $13.00 a bushel by 0252 GMT, while corn climbed 0.2% to $5.03 a bushel.

Harvest activity is picking up across the US Midwest under mostly clear skies, after heavy late-September rains had slowed fieldwork. Traders are waiting for USDA global supply-and-demand reports due Friday, which will include updates on US crops. Analysts polled by Reuters expect the USDA to reduce its average US corn yield estimate but keep its soybean yield unchanged.

A trader in Singapore said the harvest typically puts pressure on prices at this time of year, though oil was offering some support. SovEcon, a grain consultancy, now projects Russia's 2026 wheat output at 87.5 million metric tons, down from an earlier estimate of 88.2 million tons. Traders are balancing the war's disruption to Black Sea shipments against growing Russian shipments along Baltic Sea routes.