PARIS/SINGAPORE, Sept 8 (Reuters): Chicago soybeans inched down on Friday as expectations of large supply from South America curbed prices while the market awaited a clearer picture of the upcoming US harvest.
Corn was little changed as attention turned to monthly crop forecasts from US Department of Agriculture (USDA), due on Tuesday, to gauge the impact of hot, dry weather in the US Midwest.
Wheat ticked down as traders assessed ongoing efforts to preserve exports from war-torn Ukraine.
Trading was subdued, with grain markets also awaiting direction from weekly U.S. export sales and Canadian stocks estimates later on Friday.
The most-active Chicago Board of Trade (CBOT) soybean futures were down 0.1 per cent at $13.58-1/2 a bushel at 1103 GMT, after earlier touching their lowest since Aug. 23.
Corn was unchanged on the day at $4.86-1/4 a bushel.
After record Brazilian soybean and corn crops expected this year, a shift to wetter weather in Argentina with the El Nino climate pattern could ease drought for next year's harvest.
The Buenos Aires grains exchange on Thursday forecast Argentina's 2023/2024 soybean crop at 50 million metric tons, more than double last year's level, along with a rebound in corn output.
In the United States, traders are grappling with yield potential for soy and corn after a parched end to summer, though weather forecasts are showing cooler conditions and some showers in the week ahead.
"The pressure (on Chicago prices) was partly due to improved U.S. weather forecasts and optimistic crop forecasts in South America," brokerage Copenhagen Merchants said in a note.
CBOT wheat eased 0.5 per cent at $5.96-3/4 a bushel.
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