Soybeans, corn ease on US harvest progress

PARIS/SINGAPORE, Oct 8 (Reuters): Chicago soybeans and corn eased on Tuesday as brisk US harvest progress and forecasts for rain in drought-hit Brazilian crop belts bolstered expectations of abundant global supplies.
Wheat edged down as weakness in corn and soy countered support from weather and war risks in the Black Sea region.
Grain markets were also curbed by easing oil and share prices as investors assessed military escalation in the Middle East and economic stimulus in China.
Traders were also shifting attention towards monthly US government crop forecasts on Thursday, including updated estimates of the US corn and soy harvests.
The most active soybean contract on the Chicago Board of Trade (CBOT) was down 1.4 per cent at $10.19-1/4 a bushel by 1204 GMT, close to an earlier two-week low.
CBOT corn fell 0.8 per cent to $4.22-1/2 a bushel while CBOT wheat gave up early gains to stand 0.4 per cent down at $5.90 a bushel.
"The corn and soybean markets start to feel harvest pressure. The 2024 harvest is advancing rapidly in the United States thanks to particularly hot and dry weather in recent weeks," Argus analysts said in a note.