US soyabeans edged lower on Thursday, falling from a 10-day high touched earlier, as traders readied for a widely watched US government report that is expected to show the impact of recent adverse weather. Corn gave back nearly all the gains from the previous session and wheat also retreated. The most active soyabean futures on the Chicago Board of Trade were down 0.2% at $9.10-3/4 a bushel by 0934 GMT, having earlier reached $9.14-1/2 a bushel - the highest since July 1. Soyabeans firmed 0.9% on Wednesday.
Analysts said the market was nervously awaiting the US Department of Agriculture's latest world supply and demand estimates. Analysts expect the USDA to lower its soyabean yield estimate to 48.6 bushels per acre (bpa), down from 49.5 bpa in June. The expected downgrade will come just days after the USDA said the condition of North American soyabeans declined.
The USDA said 53% of the oilseed crop was good to excellent, down from 54% a week earlier. The most active CBOT wheat futures were down 0.35% at $5.03 a bushel while December wheat on Paris-based Euronext fell 0.1 percent to 178 euros a tonne. Dealers said a generally favourable crop outlook in the European Union continued to weigh on prices. The most active CBOT corn futures were down 0.5% at $4.37-1/4 a bushel. As with soyabeans, the USDA is expected to downgrade its US 2019 corn yield to 165.0 bpa, from 166.0 bpa in June.
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