US soyabean futures fell to a three-month low on Thursday, on pace for the sixth straight session of declines, on pressure from easing vegetable oil prices and improving crop weather in South America. Wheat and corn futures both were the highest in more than a week, with prices notching narrow gains on better-than-expected US export sales.
Trading volume in grains remained light ahead of Friday's abbreviated session and closure for Monday's Christmas holiday. Chicago Board of Trade January soyabean futures were down 6 cents to $9.48 per bushel at 12:10 pm CST (1810 GMT).
Malaysian palm oil fell 1.7 percent and CBOT soyaoil 0.8 percent on outlooks for increased Asian palm production while recent rains in Brazil and Argentina should aid emerging soya crops there. More stringent specifications for US soyabean imports in China, the top global buyer, added to the bearish headwinds for soyabeans. US shipments to China as of January 1 will be required to have reduced foreign material content to expedite unloadings, the US Department of Agriculture said on Wednesday.
USDA on Thursday said weekly US export sales of 796,300 tonnes of wheat and 1.6 million tonnes of corn were higher than analyst expectations while sales of 1.7 million tonnes of soyabeans were at the high end of estimates. Weekly sales of 191,500 tonnes of soft red winter wheat - the variety traded on the CBOT - were the largest in more than three years. Traders said buyers in Asia took advantage of a recent drop in prices to purchase feed-grade SRW wheat.
CBOT March wheat futures rose to the highest since December 6, gaining 2-3/4 cents to $4.26-1/4 per bushel. CBOT March corn futures were up 1-1/2 cents to $3.50-3/4, the highest since December 12. Both contracts had dipped to lifetime lows earlier this month.
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