(Reuters) – U.S. soybeans fell 1 percent on Monday, retreating from a one-week high touched in the previous session, as ample global supplies offset recent support from strong demand for U.S. shipments of the grain.
Corn lost as much as 0.5 percent, while wheat climbed around 1 percent after hitting its lowest in almost 10 years on Friday.
The most active soybean futures on the Chicago Board of Trade fell 1 percent to $9.92-3/4 a bushel by 0336 GMT, having firmed 2.6 percent on Friday and closing near their highest since July 22.
Soybeans had been drawing support from recent purchases of U.S. soybeans but analysts said the increased demand does little to alter the market dynamics.
“The market is trying to break out of this downward trend but when you look at the supply picture, there just isn’t enough demand to change the fundamentals,” said Phin Ziebell, agribusiness economist, National Australia Bank.
The U.S. Department of Agriculture (USDA) reported on Friday that exporters sold 129,000 tonnes of U.S. soybeans to unknown destinations, the third sale of at least 100,000 tonnes in as many days.
The most active corn contract fell 0.44 percent to $3.41-1/4 a bushel, having gained 1.2 percent in the previous session.
Most active wheat rose 0.92 percent to $4.11-1/2 a bushel, having closed down 0.6 percent on Friday when prices hit a low of $4.03-1/2 – the lowest since September 2006.
Genetically modified wheat that has never been approved by U.S. regulators was recently found growing in Washington State, the USDA said on Friday, sparking worries of further measures being taken against U.S. exports in the midst of a supply glut.
