* CBOT wheat futures dip after rising to a five-month top
* Corn and soybean traders await U.S. crop estimates
* Dry U.S. weather reduced crop potential, analysts say (Adds latest prices, analyst comment, previous SINGAPORE/PARIS)
CHICAGO, Sept 2 (Reuters) – Chicago Board of Trade wheat futures retreated on Wednesday after climbing to a five-month high in the previous session.
Soybean futures edged higher, while corn futures were flat as traders waited for more information about the size of the upcoming U.S. harvests.
The wheat market eased after nearing technically overbought conditions during a rally on Tuesday, analysts said. Hopes for increased export demand and talk of Chinese purchases had fueled gains, although the U.S. Department of Agriculture (USDA) did not confirm any American wheat export sales in its daily reporting system on Wednesday.
Traders are keeping an eye on wheat sales as some exporting countries, such as Argentina and France, have suffered adverse weather that has limited supplies.
“Wheat’s been on a roller coaster,” said Arlan Suderman, chief commodities economist for broker StoneX. “This is a little bit of pullback.”
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The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 7-3/4 cents at $5.56-1/4 a bushel by 12:45 p.m. CDT (1745 GMT), having closed up 2.1% on Tuesday when prices jumped to the highest since April 1.
Soybeans were up 5-1/4 cents at $9.60 a bushel, having firmed 0.1% on Tuesday. Corn was unchanged at $3.58 a bushel, after ending flat in the previous session.
Traders are looking ahead to the USDA’s Sept. 11 monthly supply and demand reports for updated estimates on corn and soy output.
A farmer survey conducted by agricultural commodity brokerage Allendale projected corn production at 14.980 billion bushels and soybean production at 4.311 billion.
This is smaller than the USDA’s August estimates for a 15.278 billion-bushel corn crop and 4.425 billion-bushel soybean crop.
Dryness in the Midwest grain belt, along with a damaging windstorm in Iowa last month, have led traders and analysts to scale back output estimates. (Reporting by Tom Polansek in Chicago, Naveen Thukral and Sybille de La Hamaide; Editing by Subhranshu Sahu, David Evans and Sonya Hepinstall)
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