(Reuters) – U.S. soybean futures eased for a fifth consecutive session on Monday as favorable weather across key South American growing areas stoked expectations of bumper global supplies.
FUNDAMENTALS
* Chicago Board of Trade March soybeans fell 0.31 percent to $9.58 a bushel, having closed down 0.75 percent on Friday, when they dropped as far as $9.55 a bushel, the lowest since Oct. 20, 2014.
* March corn declined 0.61 percent to $3.67-3/4 a bushel. It slid 0.4 percent in the previous session, when prices hit a low of $3.65-3/4 a bushel, the weakest since Oct. 27.
* March wheat fell 0.45 percent to $5.00-1/4 a bushel, after closing down 1 percent on Friday, when prices touched the lowest since Oct. 6 at $4.97 a bushel.
* Wheat prices are under pressure from favourable weather in key U.S. producing regions.
* Crop weather has improved in South America, with scattered showers in Brazil this week easing concerns about drought curtailing soybean yields, weighing on prices.
* Local grains analyst Safras & Mercado forecast a 2014/15 Brazilian soy crop of 95.0 million tonnes on Friday, down slightly from its outlook of 95.9 million tonnes in December.
MARKET NEWS
* The yen firmed broadly early on Monday, while commodity currencies softened as worries about the health of the Chinese economy dealt a fresh blow to sentiment already unsettled by a selloff on Wall Street.
* Oil prices fell early on Monday after U.S. unions called a refinery strike and traders cashed in on strong price gains last week when the market soared more than 8 percent on a sharp drop in U.S. drilling.
