Wheat falls for first time in five sessions

(Reuters) – U.S. wheat futures fell for the first time in five sessions on Thursday as traders banked profits after the grain hit a two-month high in the previous session.

FUNDAMENTALS

Chicago Board Of Trade March wheat fell 0.2 percent to $6.19 a bushel, having closed up 1.35 percent on Wednesday.

March soybeans rose 0.11 percent to $13.55-3/4 a bushel, having slid 0.5 percent on Wednesday.

March corn fell 0.11 percent to $4.53-1/4 a bushel, having gained 0.95 percent in the previous session.

Corn drew support as traders ready for the expected cut by the U.S. Department of Agriculture in its forecast of U.S. acreage this week.

Wheat was bolstered by forecasts for another blast of potentially crop-damaging cold in the Midwest next week.

Brazilian crushing industry association Abiove raised its soy crop forecast on Wednesday to 88.6 million tonnes, from a 87.6-million-tonne forecast last month.

Soybeans remain underpinned by the lack of Chinese cancellations of U.S. cargoes, which typically occur when new-crop South American supplies flood the market.

MARKET NEWS

The dollar held firm against a basket of major currencies on Thursday, after minutes of the U.S. Federal Reserve showed policymakers remain committed to reducing its massive stimulus at the current pace.

U.S. crude oil and heating oil prices rose on Wednesday as forecasts for another cold snap next week that is expected to increase demand.

U.S. stocks slid on Wednesday in a late selloff after the U.S. Federal Reserve minutes.