(Updates with U.S. trading, adds new analyst quote, changes
byline, dateline, pvs PARIS/SINGAPORE)
By Mark Weinraub
CHICAGO Nov 28 U.S. soybean futures firmed
slightly on Monday, on track for their seventh day of gains in a
row, but the market was trading below a 4-1/2 month high hit
during the overnight session as investors locked in profits,
Wheat and corn futures were down for the third day in a row,
pressured by poor export prospects and ample supplies of the
Soybeans, which hit their highest since July 19,
pulled back sharply from the sharp gains posted during the
overnight session as investors waited for more bullish
fundamental news to drive further gains.
"It is just more profit-taking than anything else," said
Mark Schultz, chief analyst at Northstar Commodity Investment
Co. "It has been quite a push to the upside."
At 10:33 a.m. CDT (1633 GMT), Chicago Board of Trade soybean
futures for January delivery were up 3 cents at $10.49 a
bushel, 16 cents below their overnight top.
Strong overseas demand for U.S. soybeans offered support to
futures. The U.S. Agriculture Department on Monday morning said
that weekly export inspections of soybeans totalled 2.090
million tonnes, near the high end of trade expectations.
CBOT December corn was off 1-1/2 cents at $3.47-3/4 a
bushel. CBOT December soft red winter wheat dropped 4-1/2
cents to $3.91-1/4 a bushel. The December wheat contract hit its
lowest since Aug. 31.
USDA said that weekly export inspections of wheat came in at
221,985 tonnes, down from 434,001 tonnes in the previous week
and below market forecasts that ranged from 325,000 to 525,000
Export inspections of corn also were a weaker-than-expected
(Additional reporting by Sybille de La Hamaide in Paris and
Naveen Thukral in Singapore; Editing by Andrea Ricci)