CANBERRA- US soybean futures edged lower on Thursday, falling from a six-week high touched in the previous session, with strong demand for US supplies providing a floor to losses.
Wheat moved higher, drawing support from concerns about global supplies, while corn slipped.
The most-active soybean futures on the Chicago Board of Trade were down 0.1 percent at $12.76-1/2 a bushel, having firmed 2.1 percent on Wednesday when prices hit Sept. 30 high of $12.89 a bushel.
Despite edging lower amid a broad commodity sell-off, analysts and traders said fundamentals remain bullish.
“The USDA overnight reported strong export numbers, that will limit the downside,” said a Melbourne-based grains trader, who declined to be named as he is not authorized to talk to the media.
