GRAINS-Soybeans fall for second session on improved weather, demand worries
SINGAPORE, June 2 (Reuters) - Chicago soybeans lost more ground on Monday, with the market trading near its lowest in about three weeks on pressure from beneficial weather in the U.S. Midwest and uncertainty over biofuel demand.
Wheat and corn prices inched higher in early Asian trade.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 fell 0.1% to $10.40-3/4 a bushel, as of 0024 GMT, trading near its lowest since May 8.
* Wheat Wv1 rose 0.3% to $5.35-3/4 a bushel and corn Cv1 added 0.1% to $4.44-1/2 a bushel.
* The soybean market is being weighed down by crop-friendly weather in the U.S. Midwest, which has boosted hopes for ample supplies.
* Soybeans faced additional pressure from uncertainty over biofuel demand as the U.S. government considers waivers for oil refiners.
* The soybean market is assessing a Reuters report that the White House is considering a plan to clear a record backlog of requests from small refineries for exemptions from U.S. biofuel laws.
* The U.S. soybean crush likely hit 6.055 million short tons in April, or 201.8 million bushels, according to analysts surveyed by Reuters ahead of a monthly U.S. Department of Agriculture report due on Monday.
* An unexpected decline in U.S. winter wheat conditions supported wheat prices. The USDA last week rated 50% of the winter crop as good to excellent, down from 52% the previous week while analysts on average had expected a one-point improvement.
* Large speculators increased their net short position in CBOT corn futures in the week to May 27, regulatory data released on Friday showed.
* The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and trimmed their net short position in soybeans.
MARKET NEWS
* Global stocks finished down on Friday but notched a weekly gain and the biggest monthly increase since late 2023, despite markets having been roiled by uncertainty over the Trump administration's tariff policies. MKTS/GLOB
DATA/EVENTS (GMT, May)
0600 UK Nationwide House Price MM, YY
0750 France HCOB Mfg PMI
0755 Germany HCOB Mfg PMI
0800 EU HCOB Mfg Final PMI
0830 UK S&P Global Mfg PMI
1345 US S&P Global Mfg PMI Final
1400 US ISM Manufacturing PMI
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