By Francesca Fontana 
 

Grain markets are treading water as the U.S. harvest progresses and trade uncertainty between the U.S. and China keep traders from placing large directional bets.

"There are so many variables that I'm not sure people know what to do," said Vance Hahn, a broker at Summit Commodity Brokerage.

Soybean contracts for November delivery fell 0.1% to $8.57 1/2 a bushel at the Chicago Board of Trade. December corn futures rose 0.2% and December wheat futures rose 0.2%.

While heavy rains and early season snow hampered harvest efforts in recent weeks, the Commodity Weather Group forecasts light and brief Midwest showers that will allow farmers to continue harvest this week, and predicts wetter weather in the middle of next week.

Traders are also watching for any changes in foreign demand that could support prices, as there have not been any developments in negotiations between the U.S. and China ahead of the U.S. midterm elections in November.

"Both sides in the trade dispute are not showing signs of backing down and until such meeting or progress takes place, U.S. exports remain in limbo," said Adam Suntken of MaxYield Cooperative.

Meanwhile, South American grain farmers are benefiting from good weather while planting, which could also limit any gains for U.S. grain futures, Mr. Hahn said.

 

Write to Francesca Fontana at francesca.fontana@wsj.com

 

(END) Dow Jones Newswires

October 23, 2018 15:31 ET (19:31 GMT)

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