Corn, wheat, soy fall as focus returns to big supplies

HAMBURG, Feb 26 (Reuters): Chicago corn, wheat and soybeans fell on Monday, giving up early gains as focus returned to large world supplies and expectations of bumper South American harvests which last week pushed corn to its lowest in around three years.
A firmer dollar, making US grains more expensive in export markets, also weighed.
Chicago Board of Trade most-active corn was down 0.7 per cent at $4.10-1/4 a bushel by 1116 GMT, having dropped to its lowest since November 2020 last week. Lesser-traded March corn on Monday was below the $4 level at $3.96-1/4 a bushel.
Soybeans fell 0.2 per cent to $11.38-3/4 a bushel, wheat fell 1.3 per cent to $5.61-3/4 a bushel.
Large global supplies of corn, wheat and soybeans and tough competition for US supplies in export markets recently weakened prices.
Improved crop prospects for corn in Brazil and Argentina on top of bumper US harvests last year helped to drive spot CBOT corn futures down.
"With such hefty South American supplies set to seek export sales the debate is now about whether corn can hold the $4 level," one European trader said.
Traders said soybeans faced headwinds as the focus returned to slack US exports and news of Brazilian soybean export shipments to the US.
Ample global supplies of wheat and low prices from Russia and other Black Sea exporters also pressured.