GRAINS-Corn under pressure on US planting outlook, soybeans firm

SINGAPORE, March 27 (Reuters) - Chicago corn futures slid on Thursday, trading close to last session's three-week low, as the market continued to face headwinds from expectations of a significant uptick in U.S. corn planting this year.

Soybeans edged higher, while wheat lost more ground.

FUNDAMENTALS

The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 fell 0.1% to $4.51 a bushel as of 0033 GMT, having dropped to its lowest since March 5 on Wednesday. Wheat Wv1 lost 0.2% to $5.34-1/4 a bushel and soybeans Sv1 added 0.1% to $10.01-3/4 a bushel.

U.S. farmers are estimated to plant 94.361 million acres with corn this year, up from 90.594 million acres seeded in 2024, according to an average of analysts polled by Reuters.

The U.S. Department of Agriculture's (USDA) planting intentions report is due at 1600 GMT on Monday.

The average trade estimate for soybeans was 83.762 million acres, down from 2024's 87.050 million acres.

There is some support for soybeans from expectations of a smaller harvest in Brazil, even though the output is still a record large.

Brazilian agricultural consultancy AgRural said the country's farmers are set to produce 165.9 million metric tons of soybeans in the 2024-25 season, 2.3 million tons less than previously forecast.

Commodity funds were net sellers of CBOT corn, soybean, soymeal and wheat futures contracts on Wednesday, traders said. They were net buyers of soyoil contracts, traders said. COMFUND/CBT

MARKET NEWS

Global stocks dropped for the first time in three sessions on Wednesday and the U.S. dollar resumed its ascent as investors awaited the next tariff announcement from U.S. President Donald Trump. MKTS/GLOB

DATA/EVENTS (GMT)

1230 US GDP Final Q4

1230 US Initial Jobless Clm Weekly