October 29, 2018 / 6:14 PM / 19 days ago

GRAINS-Soy sinks to one-month low on lagging exports, big supply

* Soybeans hit one-month low as U.S. harvest advances

* Concerns over soy exports weigh on prices

* Corn weaker, wheat mixed after Friday rally (Rewrites throughout with soybeans turning lower, adds quote, updates prices, changes byline, changes dateline from PARIS)

By Karl Plume

CHICAGO, Oct 29 (Reuters) - U.S. soybean futures slid to the lowest point in a month on Monday under pressure from a record-large U.S. harvest and dim export prospects due to a trade dispute between the United States and top importer China.

Corn edged lower in a technical-selling and profit-taking setback after hitting a one-week high, while wheat was mixed.

A firmer U.S. dollar, which makes U.S. exports more expensive for buyers holding other currencies, created additional headwinds for grains.

Largely favourable harvest weather in the U.S. Midwest also weighed on prices as most farmers are expected to finish gathering their bumper corn and soybean crops without major disruptions. Persistent rains earlier this month had delayed harvesting in some areas and damaged some crops, particularly soybeans.

“There is a large soybean crop out there,” said Don Roose, president of Iowa-based U.S. Commodities. “Even if soybean yields are smaller, we have more than enough of a cushion there. We still have a monster supply.”

Chicago Board of Trade November soybeans were down 4-1/4 cents at $8.40-3/4 a bushel at 12:54 p.m. CDT (1754 GMT) after earlier hitting a low of $8.37-1/4, the lowest since Sept. 25.

December corn fell 1 cent to $3.66-3/4 a bushel, while CBOT December wheat gained 2 cents to $5.07-1/4 a bushel.

The U.S. soybean harvest is expected to be about 70 percent finished, still behind average but a jump from 53 percent complete a week earlier, according to the average estimate of analyst polled by Reuters.

The corn harvest was expected to be 64 percent complete, in line with the average pace.

The U.S. Department of Agriculture (USDA) is due to release its weekly harvest progress report later on Monday.

A lagging U.S. soybean export pace remained a concern as China, the world’s top buyer of the oilseed, continues to largely shun U.S. shipments amid a trade dispute with the United States.

The USDA on Monday said private exporters reported sales of 120,000 tonnes of soybeans to undisclosed buyers, and the agency reported stronger-than-expected soybean export inspections last week. But the pace of sales and shipments remains well behind last year so many traders expect soybean supplies to remain very large.

New Chinese animal feed protein content guidelines suggest soybean and soymeal use could drop sharply, although oilseed traders said rising prices would have a larger impact on use.

Additional reporting by Gus Trompiz in Paris Editing by David Goodman and Chizu Nomiyama

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