SYDNEY: US soybean futures fell for a third consecutive session on Thursday as ample global supplies and concerns that a Sino-US trade war could escalate kept prices near their lowest since the start of the month.
Corn fell to a 10-day low, while wheat fell for a second session.
The most active soybean futures on the Chicago Board Of Trade were down 0.3 percent at $8.49-1/2 a bushel by 0327 GMT, having closed down 1.2 percent on Wednesday when prices hit a low of $8.47-1/4 a bushel - the lowest since Oct. 1.
Analysts said bearish fundamentals hang over soybeans, although market direction would be driven by the latest US Department of Agriculture report later in the session.
"Negative momentum remains," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
"The USDA updates US and global inventory estimates tonight and that will determine whether it can be broken."
The USDA is expected to raise its US corn and soybean yield and production forecasts and increase its end-of-season US and global stocks projections for corn, soy and wheat.
The most active corn futures eased 0.1 percent to $3.62-1/4 a bushel, near the session low of $3.61-1/2 a bushel - the lowest Oct 1. Corn closed down 0.7 percent in the previous session.
In a weekly report late on Tuesday, the USDA said soybeans were 32 percent harvested as of Sunday, below trade expectations and behind the five-year average of 36 percent.
The most active wheat futures were down 0.3 percent at $5.09 a bushel, having closed down 0.9 percent on Wednesday.
Argentina's wheat harvest is expected to reach 19 million tonnes during the 2018-19 season, down from 21 million tonnes predicted previously, the Rosario grains exchange said on Wednesday.
Comments
Comments are closed for this article.