CANBERRA, Oct 5 (Reuters) – U.S. soybean futures fell for a fourth straight session on Tuesday and hit their lowest level in nearly 10 months, as the U.S. Department of Agriculture (USDA) said farmers were ahead of market expectations in their harvesting.
FUNDAMENTALS
* The most active soybean futures on the Chicago Board Of Trade Sv1 were down 0.3% at $12.32 a bushel by 0141 GMT – the lowest since December 2020. Soybeans closed down 0.9% on Monday.
* The most active corn futures Cv1 were down 0.6% at $5.37-3/4 a bushel, having closed down 0.1% in the previous session.
* The most active wheat futures Wv1 were unchanged at $7.56-1/2 a bushel, having closed up 0.2% on Monday.
* The U.S. corn harvest was 29% complete as of Sunday, the USDA said in a weekly crop progress report on Monday, ahead of the five-year average of 22% and matching the average estimate in a Reuters analyst poll.
* The U.S. soybean crop was 34% harvested, the USDA said, ahead of the five-year average of 26% and the average analyst estimate of 32%.
* U.S.-China trade tensions weigh on soybeans. U.S. Trade Representative Katherine Tai pledged she will press Beijing over its failure to keep promises made in former U.S. President Donald Trump’s trade deal.
MARKET NEWS
* The U.S. dollar drifted below a one-year high versus major peers on Tuesday as traders waited on key U.S. payrolls data at the end of the week for clues on the timing of a tapering of Federal Reserve stimulus and the start of interest rate hikes. USD/
* Oil prices eased on Tuesday after climbing to their highest levels in years in the previous session on the decision by OPEC and allied major oil producers to maintain restraint on supply. O/R
* The dollar eased and a gauge of global equity markets fell on Monday as investors worried about the potential for renewed U.S.-China trade tensions, stalled talks in Congress and rising inflation as oil prices surged to multi-year highs.
(Reporting by Colin Packham; Editing by Subhranshu Sahu)
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