GRAINS-Chicago soybeans extend losses as US Midwest harvest expands

JAKARTA, Oct 13 (Reuters) - Chicago soybeans fell for a second straight session on Tuesday as harvest activity picked up across the US Midwest following a spell of dry weather, while traders awaited the US Department of Agriculture's weekly crop progress report due later in the day.

Wheat and corn also inched lower.

FUNDAMENTALS

• The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 declined 0.5% to $12.81-1/4 a bushel by 0023 GMT and corn Cv1 gave up 0.57% to $4.8-1/4 a bushel. Wheat Wv1 lost 0.63% to $6.68 a bushel.

• Basis bids for corn and soybeans shipped by barge to the US Gulf Coast declined on Monday as the Midwest harvest expanded following days of favourable dry weather, steering fresh grain supplies into marketing channels that feed the Gulf, traders said.

• Russian wheat export prices rose last week amid a firmer Black Sea market, while increased grain shipments helped halt a decline in domestic prices, analysts said.

• IKAR consultancy said on Monday it sees Russia's 2026 grain crop at 137 million metric tons, down from 138 million tons in its previous forecast, including 88 million metric tons of wheat, down from 88.5 million tons.

• The APK-Inform agriculture consultancy increased Ukraine's 2026 wheat harvest forecast to 25.5 million tons from 25 million tons, but cut grain export estimates by 6.5% to 31.7 million tons.

• South Korean feedmaker Nonghyup Feed Inc (NOFI), South Korea's Feed Leaders Committee (FLC) and Taiwan's MFIG purchasing group issued international tenders to buy animal feed corn, European traders said on Monday.

MARKET NEWS

• Oil prices climbed on Monday as attacks on Saudi Arabia overshadowed hopes for supply improvements, and expectations for higher US interest rates to fight inflation drove the dollar higher on a narrowly mixed day for global stocks. MKTS/GLOB

DATA/EVENTS (GMT)

0600 Germany HICP Final YY Sep

1400 US Existing Home Sales Sep

(Reporting by Bernadette Christina; Editing by Subhranshu Sahu)

((Bernadette.Christina@thomsonreuters.com))