(Reuters) – U.S. soybean futures edged lower for the first time in four sessions on Monday after touching a one-week high in the previous session, supported by strong export demand and firm soymeal prices.
FUNDAMENTALS
* Chicago Board Of Trade January soybeans edged down 0.2 percent to $10.34-1/2 a bushel, having firmed 2.5 percent on Friday when prices hit a one-week high of $10.40-3/4 a bushel.
* March corn was little changed at $3.93-3/4 a bushel, having gained 1.3 percent in the previous session.
* March wheat fell 0.7 percent to $5.89-3/4 a bushel, having closed up 0.7 percent on Friday.
* Private exporters reported sales of 240,000 tonnes of U.S. soybeans to unknown destinations for delivery in the current 2014/15 marketing year, the U.S. Department of Agriculture (USDA) said on Friday.
* Unconfirmed talk that China might loosen restrictions on imports of U.S. distillers’ dried grains raised suggestions of tightening supply of U.S. feed ingredients and added to higher soy prices, traders said.
* Weekly export sales for corn and soybeans, reported by the USDA on Thursday, beat market expectations at nearly 1.2 million tonnes for each crop.
* Grain markets looked towards a monthly world crop report from the USDA due on Dec. 10. Analysts expect USDA to trim its forecast of U.S. 2014/15 soybean ending stocks and raise its estimates of corn and wheat ending stocks.
MARKET NEWS
* The dollar started trade on Monday at its highest in over five years against a basket of major currencies, having rallied hard late last week on the back of a surprisingly robust U.S. employment report.
* Oil prices fell by more than a dollar on Monday to near their lowest levels since 2009 after Morgan Stanley cut its price forecast for Brent, saying oversupply will likely peak next year with OPEC deciding not to cut output.
