CANBERRA, Feb 22 (Reuters) - Chicago corn futures fell on Thursday to their lowest level since November 2020 as speculators bet on further price drop amid ample supply from the United States and South America.
Soybeans hovered near a three-year low reached in the previous session amid pressure from cheap and plentiful Brazilian exports.
Wheat fell, with market under pressure from cheap Russian shipments.
FUNDAMENTALS
* The most-active corn contract on the Chicago Board of Trade (CBOT) was down 0.4% at $4.09-1/2 a bushel, as of 0107 GMT, after falling as low as $4.09.
* CBOT soybeans were flat at $11.60-1/2 a bushel, having touched $11.58 on Wednesday.
* Wheat was down 0.4% at $5.75-3/4 a bushel, and not far from last September's three-year low of $5.40.
* All three contracts are down between 8% and 13% so far this year amid selling by speculative investors who think plentiful supply and falling Chinese demand for animal feed will lead to further losses.
* Funds were net sellers again on Wednesday, traders said.
* Expected rainfall over the next few days in Argentina's Pampas region will likely boost 2023/24 soybean and corn crops there, the Buenos Aires grains exchange said in a report.
* Argentina's Rosario grains exchange cut its estimates for the country's 2023/24 soybean and corn harvests, but the 49.5 million metric tons of soy and 57 million tons of corn are still a huge improvement on the previous season.
* The U.S. Department of Agriculture (USDA) said last week that U.S. ending stocks of soybeans, corn and wheat would rise sharply from a year ago.
* Ukrainian farmers are reviewing their planting plans for 2024 after low corn prices led to steep losses last year but their ability to switch to more profitable soybeans is limited by scarce funding, producers said.
* French Prime Minister Gabriel Attal tried to ease tensions with farmers on Wednesday by outlining the implementation of measures announced this month and promising a new law to better safeguard their income.
* Denmark's farmers on Wednesday voiced concerns that plans to levy a carbon emission tax on farming as part of efforts to meet Denmark's ambitious climate goals would force them to reduce production and close farms.
MARKETS NEWS
* Treasury yields rose on Wednesday after minutes from the Federal Reserve's last meeting showed concerns about cutting interest rates too soon, while global shares closed flat ahead of Nvidia results that could determine the near-term outlook for equities.
(Reporting by Peter Hobson; Editing by Sherry Jacob-Phillips)
