Soybeans fall on ample global supplies
U.S. soybean futures fell for the first time in three sessions on Monday, as ample global supplies outweighed recent strong demand for U.S. supplies.
Corn fell on forecasts for bumper global stocks, while wheat ticked higher.
The most active soybean futures on the Chicago Board Of Trade Sv1 were down 0.2% at $12.15-3/4 a bushel by 0418 GMT, having firmed 1% on Friday.
“A couple of days of strong export figures has provided some support, but the market is awash with beans,” said a Melbourne-based trader who declined to be named as he is not authorised to talk to the media.
The U.S. Department of Agriculture (USDA) last week projected supplies of corn and soybeans at higher than market expectations.
U.S. exporters sold soybeans either to China or “unknown destinations” for a third consecutive day on Friday. U.S. exporters sold 132,000 tonnes of soybeans to China for the 2021/2022 marketing year, the USDA said on Friday.
But tempering those gains was data showing weak domestic demand for U.S. supplies.
The U.S. soybean crush hit a three-month low in September and fell below an average of trade estimates, while soyoil stocks at the end of last month rose for a third straight month, according to data released by the National Oilseed Processors Association on Friday.
The most active wheat futures Wv1 were up 0.1% at $7.34-1/2 a bushel, having closed up 1.3% on Friday.
The most active corn futures Cv1 were down 0.1% at $5.24-1/2 a bushel after closing up 1.7% in the previous session.
Analysts said corn remains under pressure from expectations of bumper global supplies.
Source: Reuters (Reporting by Colin Packham; Editing by Rashmi Aich)