US soyabean futures fell on Thursday, with traders locking in profits from three straight days of gains after forecasts boosted the prospects for rain in Argentina. Wheat futures also dropped on profit-taking, but ongoing concerns about crop damage in key growing areas of the United States kept losses in check. Corn futures eased on technical pressure.

The weather outlook for Argentina tempered recent concerns about dryness in the world's No. 3 soyabean exporter. "Lack of new threatening forecasts for Argentina ... caused some traders to run for cover," Farm Futures analyst Bryce Knorr said in a note.

At 10:57 am CST (1657 GMT), Chicago Board of Trade March soyabean futures were 4-1/2 cents lower at $9.64-1/4 a bushel. A sharp drop in palm oil futures, which had hit a one-month high on Wednesday, also reduced support for soyabeans.

CBOT March soft red winter wheat was 1-1/4 cents lower at $4.34-3/4 a bushel. K.C. hard red winter wheat, which had risen to a six-week peak while leading the gains in grains earlier this week, was off 3/4 cent at $4.40-1/4 a bushel. The wheat market has drawn support from sub-zero temperatures across the US Plains and as forecasts for continued dryness raised the prospect of a reduced harvest. CBOT March corn was 1-1/2 cents lower at $3.51-1/2 a bushel.

Copyright Reuters, 2018