CANBERRA, Oct 13 (Reuters) – U.S. soybean futures rose on Wednesday after declining for three straight sessions to a 10-month low, though gains were limited by forecasts for ample global supplies.
FUNDAMENTALS
* The most-active soybean futures on the Chicago Board Of Trade Sv1 were up 0.5% at $12.05 a bushel by 0120 GMT, having closed down 2.4% on Tuesday when prices hit a December 2020 low of $11.94-3/4 a bushel.
* The most-active corn futures Cv1 were up 0.4% at $5.24-3/4 a bushel, having closed down 2% in the previous session when prices hit a Sept. 22 low of $5.19-1/4 a bushel.
* The most-active wheat futures Wv1 were up 0.3% at $7.36 a bushel, having closed up 0.3% on Tuesday.
* The monthly World Agricultural Supply and Demand Estimates report pegged the soybean crop at 4.448 billion bushels, and soybean yields at 51.5 bushels per acre.
* The U.S. Department of Agriculture (USDA) estimated both the corn crop currently being harvested, and the corn yields, above expectations.
* The USDA forecast global wheat ending stocks at the lowest in five years, due in part to droughts in the northern United States and Canada that hurt production.
MARKET NEWS
* The dollar hit a one-year high on Tuesday on expectations the U.S. Federal Reserve will announce a tapering of its massive bond-buying program next month, and as concerns over soaring energy prices also sent investors to the safe-haven greenback. USD/
* Oil steadied after a volatile session on Tuesday, pausing a rally that has brought prices to multi-year highs and raised concerns that higher energy costs could derail the global economic recovery. O/R
* Australian shares held steady on Wednesday after two straight sessions of falls, as gains in gold stocks countered losses in heavyweight miners and financials. .AX
(Reporting by Colin Packham; Editing by Subhranshu Sahu)
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