Soybeans slide as rapid planting in Brazil to adequate supply

CANBERRA, OCTOBER 7 (REUTERS) -Chicago -Soybean Futures fell lower on Tuesday, as rapid planting in Brazil underlined expectations of abundant supply and US farmers continued to earn a crop that companies in China, the largest soybare inspector. Wheat and wheat futures were also dragged lower by an excellent offer, with the United States on track to produce a record amount of wheat. Fundamentals * The most active soybean contract on the Chicago Board of Trade (CBOT) was dropped by 0.1% at $ 10.17 per bushel, from 0032 GMT, with CBOT wheat making 0.3% to $ 4.20-1/2 per bushel and wheat drops 0.5% to $ 5,10-1/4 a bushel. * The prices of all three dropped from the highlights reached in 2022. * Soybean planting in Brazil, the largest producer, is on record at the second fastest level, Consultants Agrur said. * The US soy crop was completed by 39% by Sunday, according to Reuters, of 19% a week before, but behind the 47% of last year. The poll found that the wheat crop was done 29%. * China avoids US beans amid a trade war with Washington, which reduces demand for exports and weighing US prices. * US President Donald Trump said last week he would raise the issue of soybean exports with the Xi Jinping of China at an upcoming meeting – which briefly raises prices. * But in the meantime, the Trump administration is expected to announce a plan worth as much as $ 15 billion as soon as Tuesday to sponsor US farmers. * Elsewhere, Ukraine has approved a new documentation to accompany the export of rapeseed and soybeans released from a new duty, the government’s website stopped confusion over the levy over the past month. * Brazil may not be able to increase the mandatory biodiesel mixture in diesel to 16% from 15% within a deadline of the March 2026 government, an official said. * Wheat export prices in Russia, the largest grain exporter, rose last week amid continued demand. Analysts said they expected exports to accelerate, but that they would remain significantly below the rate of last year. Markets News * Large stock indices rose mostly on Monday, with the S&P 500 and Nasdaq closing record heights after the news of AMD’s artificial intelligence chip offer with Openai, while the Jen and Euro weakened against the dollar after Japan’s ruling party elected a new leader and France’s new government. (Reporting by Peter Hobson; Editing by Rashmi Aich)