US soyabean futures hit a 1-1/2-week low on Thursday, pressured by follow-through weakness after Wednesday's poor technical close and some farmer selling, analysts said. Corn futures sagged as forecasts called for improving weather in the US Midwest, where wet conditions have stalled planting in some areas. Wheat futures were modestly higher.

As of 12:06 pm CDT (1706 GMT), Chicago Board of Trade July soyabean futures were down 5-1/4 cents at $9.65 per bushel after dipping to $9.63, the contract's lowest since May 1. CBOT July corn was down 3-1/4 cents at $3.70-1/2 a bushel while July wheat was up 2-1/4 cents at $4.34 a bushel. Soybeans extended declines after a weak close on Wednesday, when the July contract surged to a six-week high, only to turn lower as traders digested figures in the US Department of Agriculture's monthly supply/demand report.

The government's forecasts of world soyabean ending stocks for both the 2016-17 and 2017-18 marketing years were above trade expectations on Wednesday, reflecting big harvests in the United States and South America. Adding pressure, soya growers may have taken advantage of the market's brief jump by selling some old-crop supplies. CBOT corn futures fell as forecasts for a warm-up next week in the heart of the Midwest eased concerns about cold and wet conditions that have slowed planting and germination. Additional pressure stemmed from disappointing US export data. The USDA reported export sales of US corn in the last week at 222,600 tonnes (old and new marketing years combined), the lowest for a single week since June 2014. Wheat futures firmed on short-covering and worries about excessive wetness threatening yield prospects in the Plains and Midwest. But plentiful global supplies hung over the market.

Copyright Reuters, 2017