(Reuters) – U.S. wheat futures fell for a second consecutive session on Wednesday on easing concerns over Russian exports, while soybeans hit a two-week high on expectations that the U.S. Department of Agriculture will cut its forecast for inventories.
FUNDAMENTALS
* Chicago Board Of Trade March soybeans rose 0.17 percent to $10.51 a bushel, having touched a session high of $10.52-1/2 a bushel, the highest since November 26. Soybeans firmed 0.53 percent on Tuesday.
* March corn fell 0.2 percent to $3.94-1/2 a bushel, having gained 1.3 percent in the previous session.
* March wheat fell 0.3 percent to $5.84 a bushel, having closed down 2 percent on Tuesday.
* Russia, one of the world’s largest wheat exporters, is not discussing grain export restrictions, Interfax news agency quoted Deputy Prime Minister Arkady Dvorkovich as saying.
* SovEcon, a private consulting firm, said Russia’s grain exports will remain at high levels in December, fueled by a weaker rouble.
* The French farm ministry put the area sown with winter soft wheat for the 2015 harvest at 5.1 million hectares, up 2 percent on this year, in its first estimate for next year’s crop.
* The USDA, in its monthly report on global supply and demand, is expected to increase its outlook for U.S. wheat and corn stocks and to cut its forecast for soybean inventories.
MARKET NEWS
* The dollar nursed hefty losses early on Wednesday following a brutal shakeout of bullish positions as investors found excuses to take profits as the year-end loomed.
* Brent oil prices ended higher on Tuesday after touching a 5-year low and following five straight days of losses.
* The S&P 500 ended nearly flat on Tuesday as concerns about global weakness and political turmoil were offset by gains in technology and energy shares.
