* Grain markets consolidate before USDA quarterly stocks report
* Mixed harvest reports, lower expected stocks underpin corn
* Wheat, soybeans also firm as grains shake off dollar strength
(Updates with European trading, changes byline/dateline)
By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, Sept 30 (Reuters) – Chicago corn futures edged up on
Thursday to hold near a four-week high as traders awaited widely followed U.S.
grain stocks data expected to show tightening corn inventories.
Soybeans and wheat were also firm, with strength in international oilseed
and cereal markets helping offset pressure from a rising dollar.
Price moves were limited ahead of the U.S. Department of Agriculture’s
(USDA) quarterly grain stocks report at 1600 GMT.
The most-active corn contract on the Chicago Board Of Trade (CBOT) was
up 0.3% at $5.40-1/2 per bushel by 1136 GMT, trading close to Tuesday’s
four-week peak of $5.41-3/4.
“The report should show a substantial, but unsurprising, rundown in U.S.
(corn) inventory,” said Tobin Gorey, director of agricultural strategy at
Commonwealth Bank of Australia.
The report comes as the market has been assessing early yield reports from
the U.S. harvest, seen as crucial to replenish global supplies after a poor
Brazilian crop and brisk Chinese demand in the past year.
Analysts surveyed by Reuters expect the USDA to peg U.S. corn stocks at the
end of Sept. 1 at 1.155 billion bushels, down from 1.187 billion in a USDA
supply and demand report earlier in September.
Analysts estimate soybean stocks at 174 million bushels, close to the USDA’s
last forecast of 175 million bushels.
CBOT soybeans were up 0.1% at $12.85-1/2 a bushel, while wheat
added 0.7% to $7.15-1/4 a bushel.
The USDA is expected to trim its estimate for the U.S. 2021 wheat crop in a
separate report to be issued alongside the stocks data.
Wheat markets have also been supported by brisk importer demand and rising
physical prices.
Traders will get a demand update on Thursday via weekly U.S. export sales
Grain markets expect U.S. exports to pick up after recent storm disruption,
but there remains uncertainty around the level of Chinese demand.
China’s huge livestock sector is facing a hike in feed costs as power
outages force soybean crushing plants to close, analysts and industry
participants said.

Prices at 1136 GMT
Last Change Pct End 2020 Ytd Pct
Move Move
CBOT wheat 715.25 5.00 0.70 640.50 11.67
CBOT corn 540.50 1.50 0.28 484.00 11.67
CBOT soy 1285.50 1.75 0.14 1311.00 -1.95
Paris wheat Dec 256.75 0.75 0.29 192.50 33.38
Paris maize Nov 231.75 1.75 0.76 219.00 5.82
Paris rape Nov 647.25 1.00 0.15 418.25 54.75
WTI crude oil 74.65 -0.18 -0.24 48.52 53.85
Euro/dlr 1.16 0.00 -0.17 1.2100 -4.34
Most active contracts – Wheat, corn and soy US cents/bushel, Paris
futures in euros per tonne

(Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by
Subhranshu Sahu and David Evans)

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