(Reuters) – U.S. soybean futures rose for the first time in three sessions on Tuesday to rebound from a near one-week low, but gains were curbed by signs of weak demand for U.S. supplies.
FUNDAMENTALS
* Chicago Board of Trade May soybeans rose 0.2 percent to $10.03-1/2 a bushel, having closed nearly unchanged on Monday. Earlier in the session, they hit their lowest in almost a week at $9.94-1/2 a bushel.
* March corn was flat at $3.78-3/4 a bushel, having closed down 1.7 percent in the previous session when prices touched their lowest since Feb.3 at $3.77-1/2 a bushel.
* May wheat was down 0.1 percent at $5.03-1/2 a bushel, after ending down 0.59 percent on Monday when prices marked their weakest since Feb. 3 at $5.02-1/2 a bushel.
* Prices were pressure earlier in the day after the U.S. Department of Agriculture reported weekly soy export inspections below a million tonnes for the first time since early October.
* The USDA’s outlook conference held in Washington, D.C., last week reminded traders that U.S. grain and oilseeds stocks will be plentiful in the coming year.
* Morocco’s grain agency bought European Union wheat in a tender, but received no offers in a parallel tender to buy U.S. durum and soft wheat.
* Earlier in the week, Egypt’s state grain buyer bought 240,000 tonnes of French and Romanian wheat after scrapping a tender for U.S. wheat only, citing high prices.
MARKET NEWS
* The dollar was steady against the yen on Tuesday, with the market wary of taking too many bets on the currency ahead of congressional testimony by Federal Reserve Chair Janet Yellen.
* Crude oil futures fell more than 2 percent on Monday as investors worried about oversupply and a strong dollar, but heating oil futures jumped 5 percent due to operational problems at major U.S. refineries.
* The Nasdaq ended higher on Monday for a ninth straight day following gains in Apple, while the Dow and S&P 500 eased off recent record highs as lower oil prices dragged down energy shares.
