Soybeans, corn flat

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BEIJING- Chicago soybean and corn futures were flat on Wednesday, hovering near three-year lows ahead of a key USDA report as South American harvest pressure continues to drag the market.

Wheat slipped after ending lower in the previous session.

Traders are awaiting the US Department of Agriculture’s (USDA) monthly supply-and-demand report on Friday to assess the latest estimates on corn and soy production in South America.

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“Limited changes are expected for the US balance sheets with a focus on updates to South American production,” Bergman Grains Research said in a note.

Analysts, on average, expect the USDA to lower its estimate for Brazil’s soybean harvest to 152.28 million metric tons and Argentina’s harvest to 50.23 million metric tons, a Reuters poll showed.

The most-active soybean contract on the Chicago Board of Trade (CBOT) held its ground at $11.50-1/4 a bushel.

CBOT corn was flat at $4.26-3/4 a bushel.

Wheat fell 0.45 percent to $5.48-1/2 a bushel.

Chinese importers are believed to have purchased at least 65,000 metric tons of animal feed corn from Ukraine in deals on Monday, European traders said on Tuesday. – Reuters

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