CHICAGO, April 12 (Reuters) - U.S. soybean futures fell 1.5%
on Monday, led lower by the soyoil market's decline to its
lowest in nearly six weeks on bearish data about palm oil
supplies, traders said.
"The bean oil led the beans up and it looks like they are
going to lead them down," said Mark Gold, managing partner at
Top Third Ag Marketing.
Corn futures were down 1.2% as funds liquidated long
positions after the most-active contract hit its highest
in nearly eight years on Friday. Forecasts for dry weather that
will provide a good window for planting in the U.S. Midwest this
week added further pressure.
Wheat futures also were lower, with traders raising concerns
that bumper production estimates for countries in the Black Sea
region will hurt export demand for U.S. supplies.
Chicago Board of Trade May soybean futures ended down
21 cents at $13.82 a bushel. CBOT July soyoil was off
1.35 cents at 49.58 cents per lb, with the most active contract
hitting its lowest since March 2.
Traders shrugged off U.S. Agriculture Department
announcements that private exporters reported sales of 132,000
tonnes of soybeans to China and 110,000 tonnes of soybeans to
CBOT May corn was down 8-1/4 cents at $5.69 a bushel
and CBOT May soft red winter wheat dropped 10-3/4 cents to
$6.28 a bushel.
The 1.4% drop in corn was the biggest in percentage terms
for the most-active contract in three weeks.
Consultancy Sovecon on Friday raised its forecast of
Russia's 2021 wheat crop by 1.4 million tonnes to 80.7 million
tonnes following favorable weather. Consultancy
IKAR on Monday raised its forecast to 81 million tonnes.
The weather has been good for the upcoming crop in Russia
and Ukraine in recent weeks, with additional healthy rains
expected to come to Russia's south this week, Sovecon said.
(Additional reporting by Michael Hogan in Hamburg and Naveen
Thukral in Singapore, editing by Simon Cameron-Moore, Nick
Zieminski and Dan Grebler)