US soybeans, grains edge up as dollar weakens
U.S. corn and wheat futures were also slightly higher.
March CBOT soybeans was up 0.3 percent at \\$9.80-3/4 a bushel at 1235 GMT.
"The market must face the hurdle at some point of having lots of U.S. soybeans still available as a wave of South American supplies become available," Tobin Gorey, director of agriculture strategy for the Commonwealth Bank of Australia, said in a note to clients.
"Weather forecasters continue to expect timely rainfall in most South American crop areas."
The U.S. Department of Agriculture earlier (USDA) this week raised its forecast for global soybean production by 0.7 million tonnes to a record 315.1 million tons.
CBOT March wheat futures were also higher, with March up 0.3 percent at \\$5.27-1/2 a bushel, while March wheat in Paris edged up 0.1 percent to 186.00 euros a tonne.
The wheat market, however, is also facing headwinds from rising world supplies.
The USDA in its monthly supply-demand report pegged global wheat ending stocks at 197.85 million tonnes, up from an average analyst estimate of 195.83 million and the largest supply since the 2009/10 marketing season.
"Export hopes continue to underpin the market, but there is also a realisation that the EU needs to export a very sizeable volume this season just to prevent over-burdensome season ending stocks in Europe following the big EU wheat harvest in 2014," one European trader said.
Corn prices edged up, with CBOT March rising 0.5 percent at \\$3.87-1/2 a bushel.
Dealers said the market looked set to move sideways in the short term with ample supplies capping gains.
"We are more bearish than consensus forecasts due to ongoing concerns about oversupply, weak demand growth estimates and record high inventories," Intesa Sanpaolo analyst Daniela Corsini said in a market note.
Corsini forecast CBOT corn futures would fall to \\$3.50 a bushel in the second quarter of this year before recovering slightly to \\$3.70 in the fourth quarter.
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