US soybean futures fell to a three-month low on Tuesday as a firmer dollar and expectations of weak Chinese economic data weighed on prices. Chicago Board Of Trade March soybeans fell 0.73 percent to $9.84-1/2 a bushel, just above the session low of $9.91-3/4 a bushel, the lowest since October 27, 2014. Soybeans closed little changed in the previous session. March corn fell 0.71 percent to $3.84-1/4 a bushel, having gained 1.8 percent in the previous session.
March wheat was little changed at $5.32-1/2 a bushel, having closed near unchanged on Friday. Russia might consider banning grain exports altogether if informal trade restrictions already in place fail to benefit the economy as hoped, a senior minister said on Monday. Russia still has about 1.65 million tonnes of wheat available for export in 2014/15, data from the Agriculture Ministry showed, raising the possibility that these volumes would be allowed to leave the country despite export curbs.
Egypt, the world's largest importer of the grain, bought 240,000 tonnes of French wheat in its latest international tender last week. Brazil's expected record-large soybean crop is about 1 percent harvested nation-wide, local consultancy AgRural said on Friday evening, in line with a year ago and the historical average for mid-January. A long stretch of little-to-no rain since the beginning of the year in central-west Brazil is starting to worry soybean farmers, who fear productivity losses from the expected record crop.
The euro faced pressure on Tuesday as investors positioned for possible easing steps by the European Central Bank as early as this week, while the dollar edged up on the yen after a US holiday. Brent crude oil prices fell below $49 a barrel and US crude also fell more than $1 on Monday after the global economic outlook darkened and Iraq announced record oil production.