CBOT corn rises as weekly export sales highest seen since 2021
Soybeans and corn rose on export strength
Export flurry offsets supply pressure from US harvest
Wheat steady as Russian export policy assessed
Updates prices
By Renee Hickman
CHICAGO, Oct 24 (Reuters) -Chicago soybean and corn futures firmed on Thursday, as a boom in U.S. export sales boosted prices for a fourth consecutive trading session, market analysts said.
Net corn sales for old and new crop totalled 4,183,777 metric tons for the week ended Oct. 17 - surpassing trade expectations and marking the largest week of U.S. corn export sales since May 2021, according to U.S. Department of Agriculture data released Thursday.
Net soybean sales for old and new crop reached an eight-week high at 2,151,743 tons, USDA data showed.
Still, prices were kept somewhat in check by hefty global supplies and uncertainty over the outcome of the U.S. presidential election on future trade relations with key markets, analysts said.
"We're still in a supply bear market on beans and a supply neutral market on corn," said Don Roose, president of U.S. Commodities.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 settled down 1-1/4 cents at $9.96-1/4 per bushel. CBOT corn Cv1 settled up 2-1/2 cents at $4.21-1/2 a bushel.
Wheat ticked up, with traders continuing to monitor the potential impact on Black Sea trade of Russian efforts to regulate exports.
Wheat traders continued to grapple with Russian government moves to regulate exports, including through reported minimum export prices and restrictions on which exporters can sell Russian grain.
CBOT wheat Wv1 settled up 3 cents at $5.81-1/2 per bushel.
The U.S. presidential election is less than two weeks away and the market is assessing concerns that a second administration led by Republican challenger Donald Trump would renew trade tensions with top soy importer China and top corn buyer Mexico.
Some polls showing U.S. Vice President Kamala Harris leading Trump supported soybean prices this week by calming those concerns.
Reporting by Renee Hickman; additional reporting by Karl Plume in Chicago, Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by David Gregorio
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