(Reuters) – U.S. soybeans fell for the first time in four sessions on Thursday, retreating from a two-week high touched in the previous session, as traders squared positions ahead of a widely watched U.S. government report.
FUNDAMENTALS
The most active soybeans futures on the Chicago Board Of Trade fell 0.33 percent to $10.55-1/4 a bushel, having firmed 1.5 percent on Wednesday when prices hit a high of $10.59-3/4 a bushel – the highest since Jan. 24.
The most active corn fell 0.34 percent to $3.69-1/2 a bushel, having gained 0.6 percent in the previous session when prices hit a high of $3.71 a bushel, the highest since Jan. 24.
The most active wheat fell 0.17 percent to $4.31-3/4 a bushel, having closed up 0.4 percent on Wednesday.
Soybeans draw support from speculation that China, which imports roughly two-thirds of global soy exports, has bought several U.S. bulk cargoes.
The U.S. Department of Agriculture in its monthly supply and demand report due at midday on Thursday was expected to trim its U.S. and global soybean ending stocks estimate and make minor adjustments to its corn and wheat outlooks, according to a Reuters poll of analysts.
MARKET NEWS
The dollar drooped against its peers early on Thursday, hovering near a 10-week low versus the yen, with a slide in U.S. Treasury yields amid investor flight to safety taking a toll on the currency.
Oil prices stabilized on Thursday, boosted by an unexpected draw in U.S. gasoline inventories, although bloated crude supplies meant that fuel markets remained under pressure.
The S&P 500 ended slightly higher on Wednesday as investors digested mixed earnings reports, while the Dow Jones Industrial Average slipped as bank stocks weighed.
