HAMBURG: Chicago soybean futures fell on Tuesday, pressured by large global crops, disappointing US crushings and dry weather over the weekend aiding Argentina's soybean crop.
Wheat rose on buying interest after the market's 2 percent drop to a 10-day low in the previous session, while a sluggish rate of US sowings supported corn.
Chicago Board of Trade most-active May soybeans were down 0.4 percent at $9.49 a bushel at 0948 GMT.
May wheat rose 0.3 percent to $4.22-1/2 a bushel. May corn rose 0.2 percent to $3.67-1/4 a bushel.
The US National Oilseed Processors Association said on Monday US processors crushed fewer soybeans than expected during March at 153.060 million bushels, down from 156.690 million bushels in March 2016. Analysts had expected a March crush of 156.728 million bushels.
"Soybeans remain depressed by the overall outlook for huge crops, with the world awash with soybeans," said Graydon Chong, senior commodity analyst with Rabobank. "There is also some weakness from the disappointing US crushing figures, while there has also been some improvement to the weather in Argentina following the heavy rain the country suffered recently."
Argentina experienced drier weather over the holiday weekend, and weather forecasters expect it will continue to do so over the next fortnight, said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
"Consequently, it's looking less and less likely that Argentina will see a repeat of last year's widespread flood-related crop losses," Gorey said.
Wheat lost around 3 percent in the last two sessions as rain improved prospects for the hard red winter wheat crop across the US grain belt.
"Wheat is seeing some support from buying interest after the recent price falls," Rabobank's Chong said. "But overall markets are pretty quiet after the Easter holidays and attention is starting to turn to the next world supply and demand report from the US Department of Agriculture (USDA) on May 10."
"Corn is seeing a bit of support from the somewhat slow sowing progress shown in the USDA's crop progress report on Monday. But plants still have time to catch up on growth so I do not think there is major worry yet about loss of yields in the US crop because of slower plantings."
Some 6 percent of US corn has been planted up to April 16 against the five-year average of 9 percent, the USDA said on Monday.
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