By Colin Packham
CANBERRA, Nov 18 (Reuters) – U.S. soybean futures edged lower on Thursday, falling from a six-week high touched in the previous session, with strong demand for U.S. supplies providing a floor to losses.
Wheat moved higher, drawing support from concerns about global supplies, while corn slipped.
The most-active soybean futures on the Chicago Board of Trade Sv1 were down 0.1% at $12.76-1/2 a bushel, as of 0335 GMT, having firmed 2.1% on Wednesday when prices hit Sept. 30 high of $12.89 a bushel.
Despite edging lower amid a broad commodity sell-off, analysts and traders said fundamentals remain bullish.
“The USDA overnight reported strong export numbers, that will limit the downside,” said a Melbourne-based grains trader, who declined to be named as he is not authorised to talk to the media.
Private exporters reported the sale of 132,000 tonnes of soybeans to China, the fourth trading day in a row the government has announced a soybean deal.
Corn futures Cv1 were down 0.3% at $5.73-1/2 a bushel, having gained 0.7% in the previous session.
Wheat futures Wv1 were up 0.3% at $8.24-3/4 a bushel, having closed 2.8% higher on Wednesday when prices hit a Dec 2012 high of $8.44 a bushel.
Wheat, analysts said is drawing support from uncertainty over global supplies.
Algeria will take a substantial amount of Russian wheat in an import purchase of between 700,000 and 800,000 tonnes. Additionally, Egypt and the Philippines booked deals to buy wheat while Turkey issued a tender for supplies. [nL1N2S81FS[
The increased demand comes as Russia moves to limit exports and uncertainty over production in the United States.
(Reporting by Colin Packham; editing by Uttaresh.V)
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