Wheat rises for second session on lower European output; soybeans firm
EU grain lobby Coceral cuts its 2024 grain crop estimates
Brazil soybean planting behind cycle on dry weather
Adds quote in paragraph 3, updates prices
By Naveen Thukral
SINGAPORE, Sept 23 (Reuters) -Chicago wheat futures gained more ground on Monday, with prices supported by dry weather curbing production prospects in Europe and other exporting countries.
Soybeans rose for the first time in three sessions, underpinned by dry weather delaying planting in the world's biggest exporter Brazil, while corn edged higher.
"There are some issues emerging which could impact wheat supplies going forward," a Singapore-based trader said. "But for now there is plenty of wheat coming from the Black Sea region and it is cheap."
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 added 0.8% to $5.73-1/4 a bushel, as of 0305 GMT. Soybeans Sv1 gained 0.7% to $10.18-3/4 a bushel and corn Cv1 rose 0.6% to $4.04 a bushel.
Ample global supplies wheat and other grains have weighed prices. But grain trade association Coceral on Friday cut its estimate for this year's grain crop in the European Union and Britain to 280.3 million metric tons from 296 million tons projected in June and down nearly 5% on 2023 following adverse weather throughout the region.
In addition to worries about the European crop, the wheat market is being supported by concerns about dryness in the Black Sea region, the U.S. Southern Plains and Argentina.
Brazilian farmers have planted 0.5% of the projected 2024/25 soybean area in the country, below the 1.6% seen in the same period a year earlier, consultancy firm Safras & Mercado said on Friday. Dry and hot weather conditions are holding back work in the fields, which usually begins after the first rains in September.
Soybean prices drew some support from weekly U.S. export sales that came in above trade expectations on Thursday, according to traders, but they were also pressured by the beginning of the harvest with expectations of large supplies.
The U.S. Department of Agriculture also confirmed private sales of 121,000 tons of U.S. soybeans to China for delivery in the 2024/25 marketing year.
China's soybean imports from the United States rose 70% in August from a year earlier, customs data showed on Friday, as buyers took advantage of low soybean prices.
Large speculators increased their net short position in Chicago Board of Trade corn futures in the week to Sept. 17, regulatory data released on Friday showed.
The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and trimmed their net short position in soybeans.
Reporting by Naveen Thukral; Editing by Rashmi Aich
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