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GRAINS-Soybean futures snap four-day rally on dollar strength

CANBERRA, March 25 (Reuters) - U.S. soybean futures edged lower for the first time in five sessions on Thursday, as a strong U.S. dollar dented export prospects.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were down 0.1% to $14.31 a bushel by 0119 GMT, having firmed 0.7% on Wednesday.

* The most active corn futures were down 0.2% to $5.52 a bushel, after edging up 0.4% in the previous session.

* The most active wheat futures were down 0.3% at $6.23 a bushel, after closing down 1.6% on Wednesday.

* Wheat prices in western European markets were little changed on Friday, as improved crop outlooks in several rival exporters kept a lid on the market.

* Sustained demand for soybeans, a major component of renewable oils, following U.S. President Joe Biden’s decision to toughen renewable targets countered pressure from the arrival of Brazil’s rain-delayed soybean harvest, and improving moisture levels that have improved prospects for Argentina’s crops.

* Corn weighed down by forecasts of a big U.S. corn area ahead of the USDA’s March 31 estimates.

MARKET NEWS

* The dollar hit a fresh four-month high to the euro, as the U.S. pandemic response continued to outpace Europe’s, which has been hobbled by extended lockdowns and delayed vaccine rollouts.

* Oil prices jumped about 6% on Wednesday after a ship ran aground in the Suez Canal, and worries that the incident could tie up crude shipments gave prices a boost after a slide over the last week.

* Asian markets will likely open mixed, after global equities dipped and U.S. investors considered which stock market sectors would most benefit from strengthening growth.

Reporting by Colin Packham; Editing by Rashmi Aich

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