PARIS/SINGAPORE: Chicago soybean futures were little changed on Thursday as the market assessed South American crop prospects, after wet weather in Argentina fuelled a rebound in the last session.
Corn and wheat inched lower, tracking the consolidation trend in soybeans.
All three crops remained capped by ample global supplies.
The Chicago Board Of Trade most-active soybean contract was up 0.1 percent at $9.45-1/4 a bushel by 1132 GMT, after moving in both directions during hesitant trading on Thursday.
Concern over rain disruption to Argentina's harvest helped CBOT futures recover on Wednesday from a six-month low set earlier this week, but a backdrop of growing supply remained a curb on prices.
The soybean market is notably anticipating record production in Brazil which could dominate export trade in coming months and reduce US export sales.
"Soybean exports from Brazil to China are accelerating and Brazilian production should exceed 110 million tonnes," consultancy Agritel said in a note. "Soybean prices have been boosted by heavy rains in Argentina delaying harvest works."
Grain markets will get an update on overseas demand from weekly US export sales figures at 1230 GMT.
CBOT Corn ticked down 0.1 percent to $3.64-1/2 a bushel and wheat was unchanged on the day at $4.29-3/4 a bushel.
Corn was pressured by data from the US Energy Information Administration showing inventories of corn-based ethanol fuel reached a record high last week while output fell.
Corn and wheat also remained capped by large global supplies, which were limiting the impact of estimates pointing to a drop in US area and production this year.
Informa Economics, a private analytics firm, projected 2017 winter wheat production for the 2017/18 marketing year at 1.285 billion bushels, two trade sources said.
The figure compares with the US Department of Agriculture's (USDA) 2016/17 production figure of 1.672 billion bushels.
Despite an expected fall in wheat output, global cereal production this year is forecast to be close to a record level seen in 2016, the United Nations' Food and Agriculture Organization (FAO) said.
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