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CBOT wheat pulls back after rising on global supply worries

09/16/2021 | 11:41am EDT

* Strategie Grains cuts EU soft wheat crop estimate

* CBOT wheat futures consolidate after gains

* Traders eye U.S. corn harvest results

* China buys U.S. soybeans after canceling purchase -USDA

CHICAGO, Sept 16 (Reuters) - Chicago Board of Trade wheat futures sagged on Thursday, consolidating below an earlier one-week high as traders assessed reduced harvest prospects in major exporting countries.

Corn and soybean futures were little changed after topping two-week highs.

Traders focused on global supply risks for wheat as Strategie Grains sharply lowered its projection for world output, partly due to a reduced estimate for the European Union.

Earlier this week, Statistics Canada issued lower-than-expected estimates for Canadian wheat production, while France reduced its soft wheat crop estimate. In Russia, analysts said farmers are expected to sow less winter wheat for next year's harvest.

"The wheat market took a step back from recent moves higher from production cuts to the U.S., Canadian, EU and Black Sea wheat crops," CHS Hedging said in a note.

Most-active CBOT wheat was down 2-3/4 cents at $7.09-1/2 a bushel by 10:30 a.m. CDT (1530 GMT). It earlier rose to $7.16-3/4, its highest since Sept. 8.

The market is seeing "consolidating type trading after recent strength," CHS Hedging said.

CBOT soybeans were down 1/2-cent at $12.94 a bushel, while corn slipped 1 cent to $5.32-1/2 a bushel. Both earlier touched their highest prices since Aug. 31.

Traders were monitoring early U.S. corn yield reports.

The U.S. Department of Agriculture reported China bought 132,000 tonnes of U.S. soybeans after canceling the same volume on Wednesday.

Early this week, Chinese importers bought four to six bulk cargoes of Brazilian soybeans for shipment in October and November, an unusual purchase during the peak U.S. export period, traders said on Wednesday.

U.S. export terminals along Louisiana's Gulf Coast, the country's busiest crop shipping outlet, have struggled to recover from damage from Hurricane Ida. nL1N2QH2ED]

The USDA on Thursday reported U.S. corn export sales in the week ended Sept. 9 were 248,900 tonnes, below trade expectations. Weekly U.S. soybean sales of 1,266,200 tonnes were in line with estimates. (Reporting by Tom Polansek in Chicago, Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Sherry Jacob-Phillips and David Evans)

© Reuters 2021
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