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Wheat, corn and soybeans down in Chicago after previous strong gains

Por Christopher Walljasper

CHICAGO, U.S., Sep 17 (Reuters) – Chicago soybeans, corn and wheat fell on Friday as markets consolidated after previous gains and pressured by the advance of the US harvest and limited exports at the Gulf terminals. of Mexico damaged by the hurricane.

* The most active soybean futures on the Chicago Stock Exchange fell 11.5 cents to $ 12,845 a bushel at 1640 GMT, erasing their previous gains for the week.

* Corn futures were down 3.5 cents at $ 5.26 a bushel, while wheat futures were down 4 cents at $ 7.09 a bushel, but still posted a 3% weekly gain.

* Soybeans led the complex fall, as a favorable climate points to a strong advance of the harvest until the weekend, while exports remain limited by the damage in the terminals of the Gulf of Mexico, after power cuts and damage caused by hurricanes.

* “The outlook for exports is not favorable right now, until we get those exports in the gulf up,” said Mike Zuzolo, president of Global Commodity Analytics. “They are two very crucial weeks, because they are our main sales.”

* Wheat offered support despite Australia’s second consecutive bumper crop nearing harvest, which could ease tight global supply.

* Attention shifted this week to supply risks following a lower-than-expected official estimate of the Canadian crop, affected by drought, as well as lower estimates in France and the European Union and expectations of a fall in winter wheat sowing in Russia.

* “We’ve already seen considerable strength,” said Arlan Suderman, chief commodities economist at StoneX. “Wheat is taking the opportunity to make a small profit collection of its own.”

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