Soybeans gain on lower US yields, wheat firms

SINGAPORE, Nov 03 (Reuters): Chicago soybean futures rose on Tuesday, gaining for two out of three sessions, on expectations of lower US yields and as the US Department of Agriculture pegged the pace of the harvest behind market forecasts.

Corn prices slid, dragged by a decline in oil demand which is likely to reduce the use of the grain-based fuel ethanol.

"Yields of both US soybeans and corn are declining," said one Singapore-based trader. "But trading is likely to be subdued as many players are not willing to take positions in the market due to uncertainty ahead of US elections."

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 rose 0.6 per cent to $10.58-1/4 a bushel by 0316 GMT.

Corn Cv1 eased 0.1 per cent to $3.97-1/4 a bushel, while wheat Wv1 added 0.2 per cent to $6.08-3/4 a bushel.

President Donald Trump and Democratic rival Joe Biden made a last-ditch push for votes in battleground states on Monday as their campaigns prepared for post-election disputes that could prolong a divisive presidential election.

The US Department of Agriculture said the US corn harvest was 82 per cent complete, ahead of the five-year average of 69 per cent, and the soybean crop was 87 per cent harvested, ahead of the five-year average of 83 per cent.

However, both figures fell short of the average expectations in a Reuters poll of analysts.

The USDA rated 43 per cent of the US winter wheat crop in good to excellent condition, up from 41 per cent a week earlier but below the average estimate of 45 per cent in a Reuters survey.