(Reuters) – U.S. soybeans prices hit their lowest in more than five months on Thursday, dragged down by expectations that a widely watched U.S. government report later in the week would forecast an increase in North American planting.
FUNDAMENTALS
The most active soybean futures on the Chicago Board of Trade fell 0.2 percent to $9.67-1/4 a bushel at 0134 GMT, after earlier touching their lowest since Oct. 17 at $9.67. Soybeans closed down 0.3 percent on Wednesday.
The most active corn futures were unchanged at $3.58-1/2 a bushel, having gained 0.2 percent in the previous session.
The most active wheat futures were steady at $4.25-1/4 a bushel, having closed up 0.2 percent on Wednesday.
The upcoming U.S. Department of Agriculture report is expected to show increased U.S. soybean plantings and reduced seedings of corn, as well as bigger year-on-year U.S. stockpiles of corn, soybeans and wheat as of March 1, according to analysts polled by Reuters.
Forecasts of crop-friendly rainfall in the southern U.S. Plains wheat belt have weighed on wheat futures so far this week, while bumper soybean and corn harvests in South America pressured futures for those crops.
MARKET NEWS
The dollar hovered near a one-week high against a basket of currencies on Thursday, buoyed by a weaker euro which sagged as prospects of the European Central Bank stepping away from monetary easing faded.
Oil prices were steady on Thursday, supported by falling crude output in Libya and declining gasoline stocks in the United States, although bloated U.S. crude inventories are still weighing on markets.
The benchmark S&P 500 eked out a gain on Wednesday as strength in the energy and consumer sectors offset declines in financial shares and investors began looking ahead to first-quarter earnings season.
