(Reuters) – U.S. soybeans edged lower on Thursday as expectations for bumper global stocks continued to weigh, although trading remained light ahead of a U.S. holiday on July 4.
FUNDAMENTALS
* November soybeans dipped 0.1 percent to $11.40-3/4 a bushel, having eased 0.5 percent on Wednesday.
* Chicago Board Of Trade September corn unchanged at $4.18 a bushel, having slid 0.9 percent in the previous session.
* September wheat rose 0.1 percent to $5.76-1/4 a bushel, having closed up 0.5 percent on Wednesday.
* The USDA on Monday estimated U.S. 2014 soybean plantings at a record 84.8 million acres, exceeding market expectations. USDA estimates of June 1 soy and corn stocks also came in above average trade estimates.
* Corn and soybeans under pressure as heavy rains across key growing regions promote growth.
* Expectations that China may end a corn stockpiling programme as it struggles with massive state reserves added pressure.
MARKET NEWS
* The U.S. dollar clung onto modest gains early on Thursday, having risen broadly on the back of a report that showed solid hiring in the U.S. private sector.
* Crude oil fell about $1 on Wednesday on encouraging signs for supply from Libya and Iraq, notching the lowest close in almost three weeks despite a big draw in U.S. oil inventories.
* U.S. stocks ended one of their flattest sessions in years on Wednesday as a positive read on private sector employment wasn’t enough to interest buyers ahead of the highly anticipated June payrolls report.
