BEIJING: US wheat futures were flat in early trade on Thursday, after ending more than 1 percent lower in the previous session on improved crop prospects, while investors eyed the US Agriculture Department export sales report for further trading cues.
Chicago Board of Trade corn edged down 0.11 percent, while soy inched down 0.02 percent at 0014 GMT.
FUNDAMENTALS
World wheat output is expected to rise 3.4 percent to 676 million tonnes in 2011 due to improved yields and increased planted areas, but will remain below the bumper harvests in 2008 and 2009, the United Nations' Food and Agriculture Organisation said.
Beneficil rains are forecast to move into the US Plains wheat belt by the weekend and the most recent outlook shows a better chance for the parched western areas to see rain.
US corn export sales likely slipped last week from a three-week peak as demand from earthquake-shattered Japan eased, trade sources said ahead of the weekly USDA export sales report.
Analysts expect weekly US corn export sales at between 750,000 to 1 million tonnes, slightly lower than 1.337 million tonnes a week before. The USDA weekly report is scheduled to be released at 1230 GMT on Thursday.
A second week of rains in central and southern parts of Argentina's farming belt should help maturing soy crops after a dry spell late last month, the Buenos Aires Grains Exchange said. Argentina is the world's third-biggest soy exporter.
MARKETS NEWS
US crude ended at a 2-1/2 year high on Wednesday due to escalation of Middle East geopolitical risks and biggest seasonal fall in US gasoline stocks, but Brent crude fell after a wave of profit-taking.
* Euro eased from a 4-1/2-month high versus the dollar on fears that debt-ridden Portugal will require a bailout after its parliament rejected the minority government's austerity measures.
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