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Soybeans, corn dip on profit-taking after previous gains

U.S. soybean and corn futures inched lower on Tuesday amid profit-taking after both contracts saw their biggest single-day rallies in months during the previous trading session.

Similarly, wheat edged lower amid a better-than-expected weekly U.S. winter wheat crop report, easing global supply concerns.

* The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.1% at $13.40-1/4 a bushel, as of 0142 GMT. The benchmark soybean contract saw its biggest daily gain since Sept. 12 in the previous session.

* Wheat lost 0.3% to $6.04-1/2 a bushel and corn gave up 0.2% to $5.69-3/4 a bushel. The benchmark corn contract saw its biggest rally in nine months in the previous session.

* The European Union’s crop monitoring service has raised its forecasts of this year’s EU soft wheat and rapeseed yields and lowered its expectations for barley, citing abundant rain in much of the bloc and deepening drought in the Iberian peninsula.

* The U.S. Department of Agriculture’s weekly crop progress report rated 31% of the U.S. winter wheat crop in good to excellent condition, up 2 percentage points from a week earlier and above an average of analysts’ expectations.

* India’s wheat procurement in 2023 could fall by a fifth from the initial estimate as government purchases have slowed down in the last few days after local prices jumped, government officials and traders told Reuters.

* Snapshot of the global export markets for grains, oilseeds and edible oils reported by government and private sources as of the end of business on Monday:

* Commodity funds were net buyers of Chicago Board of Trade soybean, corn, soyoil, soymeal and wheat futures contracts on Monday, traders said.

Wall Street shares were mixed and European stocks finished little changed as talks in Washington resumed to avert a U.S. default, while gold prices retreated under pressure from hawkish remarks by Federal Reserve officials.

DATA/EVENTS (GMT) 0715 France HCOB Mfg, Serv, Comp Flash PMIs 0730 Germany HCOB Mfg, Serv, Comp Flash PMIs 0800 EU HCOB Mfg, Serv, Comp Flash PMIs 0830 UK Flash Mfg, Serv, Comp PMIs 1345 US S&P Global Mfg, Serv, Comp Flash PMIs
Source: Reuters (Reporting by Matthew Chye; Editing by Varun H K)

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