US soyabean futures fell to a three-week low on Wednesday, on track for a fourth straight decline on strong South American harvest prospects and a lack of supportive news, analysts said. Corn and wheat futures were modestly higher as traders awaited direction from a US Department of Agriculture forum this week in which the government will offer forecasts on what US farmers will plant this spring.
As of 12:18 p.m. CST (1818 GMT), Chicago Board of Trade March soyabeans were down 2-1/2 cents at $10.23-3/4 per bushel after dipping to $10.23, the contract's lowest since Feb. 1. CBOT March corn was up 2-1/4 cents at $3.71-1/2 a bushel and March wheat was up 5 cents at $4.41 a bushel.
Soyabeans firmed in early moves but turned lower as traders mulled huge new soyabean crops expected in South America. The harvest in Brazil was about 25 percent complete as of Friday, while Argentina's crop is still developing. "Rises today are being limited by the expected large soyabean crops in South America," said Graydon Chong, senior commodity analyst with Rabobank.
Also, US farmers are expected to plant a record number of acres to soyabeans this spring, the USDA has said. The government is expected to release an updated forecast at its Outlook Forum this week. Expectations of a year-on-year decline in US corn plantings helped to underpin corn futures. Wheat rose on bargain-buying after a three-session decline, drawing additional support from a pickup in global export business.