GRAINS-Soybeans drop from two-week high on US crop weather
SINGAPORE, June 18 (Reuters) - Chicago soybeans slid for the first time in four sessions on Thursday, as favourable weather across the U.S. Midwest and weaker oil pressured prices.
Wheat and corn also fell in early Asian trade.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 fell 0.1% to $11.48 a bushel by 0011 GMT, after hitting its highest since early June on Wednesday. Wheat Wv1 gave up 0.4% to $6.18-3/4 a bushel and corn Cv1 lost 0.6% to $4.18-1/2 a bushel.
* Corn and soybean crops have been benefiting from favourable crop weather across the U.S. Midwest, which is likely to keep a lid on prices. Corn hit a nine-month low earlier this week, while soybeans dropped to their weakest in four months.
* Soybean prices found support in the last few sessions on talk that Chinese buyers were looking for U.S. cargoes.
* The U.S. Department of Agriculture confirmed private sales of 372,000 metric tons of soybeans to unknown destinations, of which 60,000 tons were for old crop delivered in the 2025/26 marketing year and 312,000 tons of new crop delivered in the 2026/27 marketing year.
* Lower crude oil prices CLc1, LCOc1 are likely to add pressure on agricultural markets, with an increasing use of soybeans and corn in making biofuels.
MARKET NEWS
* Major stock indexes fell, bond yields rose and the U.S. dollar extended gains on Wednesday after the Federal Reserve held the benchmark interest rate steady and new projections showed officials expect a hike in borrowing costs later this year amid increasing inflation concerns. MKTS/GLOB
DATA/EVENTS (GMT)
0600 UK Claimant Count Unem Chng May
0600 UK ILO Unemployment Rate Apr
0600 UK HMRC Payrolls Change May
1100 UK BOE Bank Rate Jun
1230 US Initial Jobless Clm Jun 13, w/e
1230 US Philly Fed Business Indx Jun
