Soybeans hit 10-day low as firm dollar dampens export outlook

CANBERRA: US soybean futures fell on Monday to touch a 10-day low as a stronger US dollar dented export prospects.

Corn slipped to lose much of the gains from the previous session, while wheat was trading steady.

The most-active soybean futures on the Chicago Board Of Trade were down 0.1% to $13.98-1/2 a bushel by 0503 GMT, near the session low of $13.97-3/4 a bushel - the weakest since March 19. Soybeans fell 1% on Friday.

Weaker prospects for US exports and expectations of bumper supplies were weighing on prices, analysts said.

"Renewed weakness in Brazil's real was one factor, while new crop prices were also weaker because US growers are expected to plant a lot more soybeans in season 20201," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

Soybeans had drawn last week support after renewable fuel targets set by US President Joe Biden's administration were seen increasing demand for biodiesel that uses vegetable oils.

The most-active corn futures were down 0.6% to $5.49-1/4 a bushel, having gained 1.1% in the previous session.

The most-active wheat futures were unchanged at $6.13 a bushel, having closed 0.1% higher on Friday.

The decline in corn came as the market expected the US Department to report this week ample global supplies later this season.

Analysts estimate farmers will plant 93.208 million acres of corn, 89.996 million acres of soybeans and 44.971 million acres of wheat in 2021, according to a Reuters poll.

Wheat is under pressure as moisture across the US Plains as well as in Russia is likely to boost production prospects in the two major exporting nations.