GRAINS-Corn falls as U.S. harvest advances, wheat firm
* Corn pressured by harvest estimates
* Wheat firm, China demand supports but world supplies weigh
(Updates after European markets open; adds PARIS dateline) PARIS/SYDNEY, Sept 23 (Reuters) - U.S. corn slid on Monday, under pressure from the advancing U.S. harvest while wheat rebounded from losses of more than 1.5 percent in the previous session, mainly supported by forecasts of increased Chinese demand. December corn fell 0.44 percent to $4.49 a bushel by 1115 GMT, having closed down 1.9 percent in the previous session. November soybeans rose slightly, up 0.08 percent at $13.16-1/4 a bushel after having closed down 1.8 percent on Friday. Spot basis bids for corn and soybeans were lower across the U.S. Midwest on Friday, pressured by expectations the harvest will soon be in full swing, grain merchants said.
Traders have highlighted early findings that showed better-than-expected yields in the United States, prompting a widely watched private forecaster to raise its output estimates for soybeans and corn for 2013. The forecaster, Informa Economics, also projected that U.S. soybean plantings for 2014 would reach 83.6 million acres, topping the 2009 record of 77.5 million acres by 8 percent.
WHEAT FIRM Chicago Board of Trade December wheat futures rose 0.23 percent to $6.47-3/4 a bushel by 1115 GMT, having lost 1.6 percent on Friday. "The support for wheat prices can be attributed to the forecast for China 2013/14 wheat imports at 7.5 million tonnes after weather ruined China's domestic crops," said Joyce Liu, investment analyst at Phillip Futures Singapore. The China National Grain and Oils Information Center on Monday increased its projections for Chinese import demand to 7.5 million tonnes, having previously pegged imports at 6.5 million tonnes. The revised figure would be the highest imports for China in a decade. Bad weather that damaged the Chinese harvest in May and June has boosted demand for U.S. wheat. However, U.S. wheat will have to compete with a hefty Canadian crop on international markets and internally, French analyst Agritel noted. Canadian farmers are expected to harvest 30.6 million tonnes of wheat this autumn, the biggest crop in a decade, according to Statistics Canada. Nearly two-thirds of the crop, or almost 20 million tonnes, is destined for export. In Ukraine, another major exporter on the world market, grain exports rose more than 14 percent season-on-season to 5.3 million tonnes as of Sept. 20 on higher shipments of wheat and barley, the farm ministry said on Monday.
Prices at 1115 GMT
Product Last Change Pct Move End 2012 Ytd
CBOT corn 449.25 -1.75 -0.39 698.25 -35.66 CBOT soy 1316.25 1.00 +0.08 1418.75 -7.22 CBOT wheat 647.75 1.50 +0.23 778.00 -16.74 Paris wheat 185.75 0.00 +0.00 250.25 -25.77 Paris maize 165.75 -0.75 -0.45 237.75 -30.28 Paris rape 361.00 -2.00 -0.55 456.25 -20.88 WTI crude oil 104.88 0.13 +0.12 91.82 14.22 Euro/dlr 1.35 0.00 -0.10 0.00 0.00 * CBOT futures prices are in cents per bushel, Paris futures
in euros per tonne, WTI crude oil in dollars per barrel.
(Editing by Tom Hogue and Dale Hudson)