US corn and soyabean futures eased on Tuesday on pressure from abundant global supplies and weakening demand for US offerings on the export market, traders said. "The world supplies are still large. The crop in South America continues to grow as harvest continues to progress in Argentina," said Don Roose, analyst at US Commodities in West Des Moines, Iowa. "I think that is a weight on the market."
Wheat futures were mostly firmer, supported by a round of short-covering following sharp declines early in the trading session. The early weakness stemmed from improving forecasts for rain in key growing areas of the US Plains.
At 11:16 am CDT (1616 GMT), Chicago Board of Trade soyabeans for May delivery were down 5-1/4 cents at $9.73-1/4 a bushel. CBOT May corn was 1 cent lower at $3.84 a bushel.
Analysts expect the US Agriculture Department's monthly supply and demand report on Thursday to show domestic end stocks of soyabeans for the 2014/15 crop year at 370 million bushels, down from the government's March estimate but still the highest in eight years.
CBOT soft red winter wheat for March delivery was up 5-1/2 cents at $5.33-1/4 a bushel. Prices fell to a session low of $5.17-3/4 a bushel before finding support near the 20-day moving average.
USDA said on Monday afternoon that the US winter wheat crop emerged from dormancy worse than usual due to drought. The crop was rated 44 percent good to excellent in the top 18 production states, up from 35 percent a year ago but below the early April average of 47 percent.
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