US soyabean futures fell nearly 2% on Thursday on concerns about burdensome supplies and weak export demand as the US trade war with China continues, analysts said. Wheat futures rose on short-covering and worries about drought in Australia, and corn followed wheat higher, shrugging off pressure from bearish weekly US ethanol statistics. As of 12:46 pm CDT (1746 GMT), Chicago Board of Trade November soyabeans were down 16 cents at $8.59-1/2 per bushel after dipping to $8.58-1/4, a one-week low.

CBOT December wheat was up 5-1/4 cents at $4.66 a bushel and December corn was up 2 cents at $3.60-1/2 a bushel. Commodity brokerage INTL FCStone late Wednesday raised its forecast of the US 2019 soyabean yield to 48.3 bushels per acre, from its Aug. 1 figure of 47.2. The firm put US soyabean production at 3.661 billion bushels, down from 3.743 billion previously, reflecting a smaller harvested acreage figure from last month. CBOT wheat futures climbed, rallying from three-month lows set this week, while K.C. hard red winter wheat futures and Minneapolis Grain Exchange spring wheat futures recovered from 14- and 10-year lows, respectively.

Copyright Reuters, 2019