Soybeans edge down for 3rd straight session on weather outlook

SYDNEY: US soybeans edged lower on Wednesday as forecasts for crop-friendly weather pushed the oilseed towards its third consecutive daily loss.

Corn and wheat also fell as dry weather, with forecasts predicting dry weather across the US Midwest in coming weeks, which should allow farmers to rapidly advance harvest pace.

The most active soybean futures on the Chicago Board Of Trade were down 0.1 percent to $9.84 a bushel by 0216 GMT, having closed down 0.6 percent on Tuesday.

"The market was concerned about the impact of adverse weather in the US and Brazil but those concerns have abated in recent days," said Phin Ziebell, agribusiness economist, National Australia Bank.

The US Department of Agriculture (USDA) said on Monday harvesting of the US soybean crop was 49 percent complete, matching analysts' expectations.

Weather models also forecast rains across Brazil, allowing farmers to sow crops.

Brazilian soy producers had planted 12 percent of their 2017/2018 crop through last Thursday, in line with a five-year average but behind the pace of the prior cycle, amid a lack of rain in key producing regions, consultancy AgRural said on Monday.

The most active corn futures were down 0.1 percent to $3.49-3/4 a bushel, having closed down 0.1 percent in the previous session.

The most active wheat futures were down 0.2 percent to $4.33-3/4 a bushel, having closed down 0.4 percent on Tuesday.

Corn is also under pressure amid expectations that US supplies will soon begin to flood the market.

The USDA said on Monday that 28 percent of US corn has been harvested as of Sunday, behind market expectations of 31 percent, and up only 6 percentage points from the previous week.