MUMBAI: Chicago soybeans eased on Thursday, hit by increased chances of rain next week in southern Brazil and northern Argentina after hot, dry conditions this week, while lower crude oil prices also dampened sentiment.
The-most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.41% at $15.81-1/4 a bushel, as of 0417 GMT, after rising 2.3% on Wednesday.
"After yesterday's rally, soybeans are taking a pause. The market is waiting for the USDA (US Department of Agriculture) weekly report and closely monitoring rainfall forecast for Argentina and Brazil as well," said a Mumbai-based dealer with a global trading firm.
The USDA's weekly report due later in the day was expected to show soybean export sales between 1.55 million and 3.3 million tonnes.
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Louis Dreyfus Company (LDC) said on Wednesday a fire had broken out at its Claypool, Indiana, soybean processing and biodiesel plant, the largest fully integrated soybean processing and biodiesel plant in the United States.
Brazilian soybean farmers are expected to produce 125.8 million tonnes of soybeans this season, 8.4 million tonnes less than forecast ahead of a crop tour of key producing regions, some of which have been hit by a severe drought.
Chicago wheat rose 1.24% to $7.96 a bushel on concerns over supplies from Black Sea region because of tensions between Russia and Ukraine, while corn was down 0.04% at $6.64-3/4 a bushel.
Jordan's state grain buyer has issued a tender to buy 120,000 tonnes of milling wheat, while Egypt's General Authority for Supply Commodities floated a tender on Wednesday to buy an unspecified amount of wheat from global suppliers for shipment from April 1-10.
Oil slid more than 2% on Thursday after both France and Iran said parties are closer to an agreement to salvage Iran's 2015 nuclear deal with world powers, offsetting ongoing concerns over the situation in Ukraine.
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