SINGAPORE- Chicago soybean futures edged lower on Tuesday as ample global supplies of the oilseed weighed on the market, although a recovery in demand for US shipments limited the downside.
Wheat fell almost 1 percent on improved weather outlook in Russia and the US while corn slid.
The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.3 percent to $9.77-3/4 a bushel. Wheat lost 0.9 percent to $5.67 a bushel and corn eased 0.2 percent to $4.08-1/2 a bushel.
Hefty global soybean supplies amid a rapid pace of US harvest are limiting the upside potential in prices.
The US soybean harvest was 81 percent complete as of Sunday, the fastest pace seen since 2010, according to a weekly crop progress report from the US Department of Agriculture (USDA).
It also reported that the corn harvest was 65 percent complete, ahead of the five-year average of 52 percent. The weekly pace was above analyst expectations of 63 percent, according to a Reuters poll of 12 analysts.
The market firmed on Monday as a rebound in demand for US products underpinned prices.
The USDA confirmed a total of 380,000 metric tons of US soybean sales for shipment to undisclosed buyers.
