Soybeans, corn, wheat retreat from highs, USA crop eyed

Most-active corn fell 0.7% to $3.89-1/2 a bushel, having risen on Tuesday as the quarterly U.S. Department of Agriculture (USDA) grain stocks report showed corn and soybean inventories below traders' expectations.

Harvest is underway in Nebraska, according to the weekly USDA National Agricultural Statistics Service crop report.

Wheat futures closed higher as adverse weather continues in parts of the U.S. Plains where growers are attempting to harvest the last of the spring crop.

CBOT November soybean futures were down 6-1/2 cents at $9.13 a bushel. The most-active corn contract surged 4.2% to $3.88 a bushel.

About 913m bushels of old crop soybeans were in storage as of September 1, the USDA said.

Within the overseas markets, the crude oil market is $1.38 per barrel decrease, the US greenback is more significant, and the Dow Jones Industrials are 156 factors greater.

Supporting beans was China buying a lot of USA beans, even with the Trade War and talk that Chine was buying even more!

Chinese firms purchased up to 600,000 tonnes of US soybeans on Monday as part of a tariff-free quota allotted to importers to buy up to 2 million tonnes this week.

"Based on an analysis of end-of-marketing year stock estimates, disappearance data for exports and crushings, and farm program administrative data, the 2018 soybean production is revised down 116m bushels from the previous estimate", the USDA said. "Planted area is revised to 89.2m acres, and harvested area is revised to 87.6m acres".

The USDA said the USA winter wheat crop was 22 percent seeded, up from 8 percent the previous week but behind the five-year average of 24 percent.

Short covering helped support soybean and corn prices amid uncertainty about the size of the autumn US corn and soy harvests, traders said.

The fall in corn futures also came despite the USDA pegging the pace of harvesting below market expectations.

The United States still has ample supplies in storage, traders said.

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