US grain and soyabean futures fell to their lowest levels in more than a week on Thursday ahead of the release of a US crop report that is expected to confirm world supplies are plentiful. Forecasts for rain in the US Plains added pressure to wheat futures, which touched a six-week high last week on concerns about drought hurting output.
Traders are waiting for the US Department of Agriculture to issue monthly crop data at 11 am CDT (1600 GMT) that are likely to keep the government's estimate for global soyabean inventories at a record high of 89.53 million tonnes.
World supplies are expected to be large due to massive US harvests last year and large crops coming in from fields in South America. Also, US farmers are projected to plant more soyabeans this spring than they did last year, according to USDA.
"There are still too many beans in the world and little reason to buy beans without some severe weather problems," said Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage.
Chicago Board Of Trade May soyabeans fell 1.7 percent to $9.60-1/4 a bushel. May wheat fell 2.3 percent to $5.11-3/4 a bushel, and May corn eased 1.1 percent to $3.83 a bushel.
Traders focused on world soyabean supplies rather than on US ending stocks, which analysts expect will dip to 370 million bushels from 385 million last month. The USDA is expected to increase its estimate for US corn stocks to 1.854 million bushels from 1.777 million and for US wheat stocks to 692 million bushels from 691 million, according to a Reuters poll.
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