Soybeans edge lower ahead of USDA report

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CANBERRA — U.S. soybean futures edged lower on Thursday as traders remained on the sidelines ahead of a widely watched U.S. Department of Agriculture report.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were down 0.1% at $15.61-1/4 a bushel by 0126 GMT, having closed down 1.1% on Wednesday.

* The most active corn futures fell 0.1% to $6.90-1/4 a bushel, having closed down 1.6% in the previous session.

* The most active wheat futures were down 0.4% at $6.79-1/2 a bushel, having closed down 0.4% on Wednesday.

* Weather outlook for the U.S. Midwest showed lesser rain than previously forecast, supporting corn and soybean prices.

* Market attention turns to the U.S. Department of Agriculture’s monthly world supply-and-demand outlook on Thursday.

* Analysts on average expect the agency to cut its projections for U.S. corn stocks, against a backdrop of brisk Chinese demand and Brazil’s drought-affected corn crop.

MARKET NEWS

* The dollar continued to hover near a five-month low versus major peers on Thursday as investors looked to key U.S. inflation data and a European Central Bank meeting later in the day to potentially set the direction for currency markets.

* Oil prices slid on Thursday as U.S. inventory data in the United States showed a surge in gasoline stocks that indicates weaker-than-expected fuel demand at the start of summer, the country’s peak season for motoring. (Reporting by Colin Packham; Editing by Ramakrishnan M.)