Soybeans ease from 4-year peak, supply worries limit losses


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SINGAPORE — Chicago soybean futures edged lower on Thursday, with prices easing from their highest level since June 2016 hit in the previous session on the back of strong demand and dry weather in parts of South America.

Corn and wheat slid in early Asian trade.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board Of Trade (CBOT) was down 0.3% at $11.72 a bushel by 0118 GMT. The market climbed to its highest since June 2016 at $11.90 a bushel on Wednesday.

* Corn was down 0.4 at $4.28-3/4 a bushel and wheat lost 0.3% to $5.96 a bushel.

* Global grain and oilseed markets have been supported by dry weather in South America and strong demand from China. Recent rains have alleviated some of the weather stress in Brazil and Argentina, but tightening global supplies, particularly for soybeans, have left little room for a crop shortfall.

* The U.S. Department of Agriculture (USDA) on Wednesday said private exporters sold 140,000 tonnes of U.S. corn to undisclosed buyers. That followed recent large corn sales to Mexico and South Korea.

* U.S. farmers could plant a record acreage of major field crops next year if favorable prices continue and spring weather allows, a USDA official said on Wednesday.



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