HAMBURG, Mar 11 (Reuters): Chicago soybeans, wheat and corn fell on Monday, reversing Friday's strength, as market attention returned to large global supplies and low demand.
Chicago Board of Trade most-active soybeans fell 0.5 per cent to $11.77-1/2 a bushel at 1156 GMT after hitting their highest since Feb. 14 at $11.89-1/4 earlier on Monday.
Corn fell 1.0 per cent to $4.35-1/2 a bushel, while wheat fell 0.5 per cent to $5.34-3/4 a bushel.
The US Department of Agriculture's (USDA) world supply and demand report on Friday did not cause major waves, with markets rising after its release. The USDA slightly lowered its Brazilian soybean crop forecast, but its outlook was above many private estimates and reminded dealers of plentiful South American supplies.
The USDA pegged Brazil's harvest at 155 million metric tons, compared with its February estimate of 156 million, but above analysts' expectations for 152.28 million.
"Soybeans, corn and wheat are being weakened as attention turns back to big supplies in world cash markets," said Matt Ammermann, StoneX commodity risk manager. "The USDA report on Friday provided no major surprises."
"For soybeans, Brazil's harvest is looking large and its traditional peak time for exports is approaching, providing more competition to U.S. sales."
China cancelled two US wheat purchases last week.
Argentina's scheduled corn exports have hit their highest levels in at least five years, boosted by leftover stocks from the previous season.
"Large wheat supplies continue to be offered in export markets, especially by Russia and other Black Sea suppliers", Ammermann said. "China cancelled purchases last week and with the Ramadan period starting, Middle Eastern import demand is likely to be quiet."
"Corn is also suffering from the impact of large South American supplies. While the US Federal Reserve continues to drag its feet on US rate cuts, it is difficult to see near-term bullish factors."
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