(Reuters) – U.S. soybeans fell on Monday to hit a near one-week low as prices came under pressure from Chinese cancellations, while wheat and corn also eased.
FUNDAMENTALS
* Chicago Board Of Trade March soybeans fell 0.4 percent to $9.36-1/4 a bushel, near the session low of $9.36 a bushel – the lowest since July 28. Soybeans closed down 1 percent on Friday.
* December corn fell 0.8 percent to $3.78-1/4 a bushel, having closed down 0.7 percent in the previous session.
* September wheat fell 0.3 percent to $4.97-3/4 a bushel, having closed up 0.6 percent on Friday.
* Private exporters reported that Chinese buyers canceled a deal to buy 200,000 tonnes of U.S. soybeans for delivery during the 2014/15 crop year, the U.S. Agriculture Department said on Friday morning.
* Wheat under pressure from constrained demand for U.S. supplies amid plentiful global supplies and cheaper offerings from competitors in the Black Sea region.
* USDA on Friday said private exporters reported deals to ship 126,900 tonnes of U.S. wheat to unknown destinations during the 2015-16 crop year.
* Crop scouts on the U.S. Wheat Quality Council’s annual three-day tour of North Dakota and adjacent states on Thursday forecast spring wheat yield potential at 49.9 bushels per acre, the biggest forecast ever for the tour.
MARKET NEWS
* The dollar stayed on the backfoot early on Monday after suffering a setback late last week when subdued wage growth clouded the outlook on the timing for an interest rate hike.
* U.S. crude futures slipped on Monday in Asian trading as unexpectedly slow Chinese factory growth in July raised demand concerns, while oil markets were also weighed down by OPEC’s record monthly output.
