SYDNEY, July 3 (Reuters) – U.S. soybeans edged lower on Thursday as expectations for bumper global stocks continued to weigh, although trading remained light ahead of a U.S. holiday on July 4.
FUNDAMENTALS
* November soybeans dipped 0.1 percent to $11.40-3/4 a bushel, having eased 0.5 percent on Wednesday.
* Chicago Board Of Trade September corn unchanged at $4.18 a bushel, having slid 0.9 percent in the previous session.
* September wheat rose 0.1 percent to $5.76-1/4 a bushel, having closed up 0.5 percent on Wednesday.
* The USDA on Monday estimated U.S. 2014 soybean plantings at a record 84.8 million acres, exceeding market expectations. USDA estimates of June 1 soy and corn stocks also came in above average trade estimates.
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* Corn and soybeans under pressure as heavy rains across key growing regions promote growth.
* Expectations that China may end a corn stockpiling programme as it struggles with massive state reserves added pressure.
MARKET NEWS
* The U.S. dollar clung onto modest gains early on Thursday, having risen broadly on the back of a report that showed solid hiring in the U.S. private sector.
* Crude oil fell about $1 on Wednesday on encouraging signs for supply from Libya and Iraq, notching the lowest close in almost three weeks despite a big draw in U.S. oil inventories.
* U.S. stocks ended one of their flattest sessions in years on Wednesday as a positive read on private sector employment wasn’t enough to interest buyers ahead of the highly anticipated June payrolls report.
DATA AHEAD (GMT)
0100 China
Official non-manufacturing PMI
June
0145 China
HSBC services PMI
June
0755 Germany
Markit services PMI
June
0800 Euro zone Markit services PMI
June
0900 Euro zone Retail sales
May
1145 Outcome of European Central Bank policy meeting
1230 U.S.
Non-farm payrolls
June
1230 U.S.
Unemployment rate
June
1230 U.S.
Weekly jobless claims
1230 U.S.
International trade
May
1400 U.S.
ISM non-manufacturing PMI
June
Grains prices at 0030 GMT Contract
Last
Change Pct chg Two-day chg MA 30 RSI CBOT wheat
576.25
0.75 +0.13%
-0.22%
606.12 28 CBOT corn
418.00
0.00 +0.00%
-1.47%
450.92 18 CBOT soy
1140.75
-0.75 -0.07%
-1.43%
1252.48 33 CBOT rice
$13.68 -$0.01 -0.11%
+0.77%
$13.75 48 WTI crude
$104.03 -$0.45 -0.43%
-1.24%
$104.77 26 Currencies
Euro/dlr
$1.366 -$0.002 -0.18%
-0.26% USD/AUD
0.944 -0.006 -0.62%
+0.07% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Richard Pullin)
