Chicago Board of Trade (CBOT) soybeans inched higher on Thursday, with corn and wheat futures also up slightly, as traders braced for quarterly grain stocks and planting intention reports due later in the day from the U.S. government.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) ZS1! had risen 0.1% to $11.93-1/2 a bushel by 0033 GMT, while CBOT wheat ZZW1! was up 0.2% at $5.48-1/2 a bushel and corn ZC1! climbed 0.1% to $4.27-1/4 a bushel.

* Plentiful supply has pushed all three contracts this year to their lowest levels since 2020 and speculators are betting on further falls.

* Soybeans fell to $11.29 in February, their lowest since November 2020, corn plunged to $4.04 in February, also its weakest since November 2020, and wheat hit $5.24 in March, the lowest since August 2020.

* The U.S. dollar has also strengthened in 2024, making U.S. farm products less attractive to importers. DXY

* The U.S. Department of Agriculture (USDA) will release prospective plantings and quarterly grain stocks reports at noon EDT (1600 GMT).

* Analysts expect USDA data to show that U.S. stocks of soybeans, corn and wheat were higher on March 1 than a year earlier.

* They also predict that U.S. corn and wheat plantings will fall from 2023 levels this year and soybean plantings will increase.

* However, stocks and acres reports from the USDA always present volatility risks for grain markets since the outcomes are often unpredictable.

* The USDA will also on Thursday report U.S. grain export sales data for the week ended March 21.

* Commodity funds were net sellers of CBOT corn and soybeans but buyers of wheat on Wednesday, traders said.

* Elsewhere, agribusiness consultancy Agroconsult said Brazil would produce 156.5 million metric tons of soybeans this year, increasing its estimate after surveying fields nationally.

* The forecast is at the higher end of predictions. State crop agency Conab this month forecast a 146.9 million ton crop, while the USDA has a 155 million ton estimate.

* In Argentina, dry weather in the main agricultural regions over the next week will benefit the start of soy and corn harvests after recent heavy rains, the Buenos Aires Grains Exchange said.

* In Europe, ambassadors from EU countries reached a revised deal to extend tariff-free food imports from Ukraine.

MARKETS NEWS

* Global share markets advanced cautiously on Wednesday, led by an early rally in Japanese stocks as the yen sagged to its weakest since 1990, prompting intervention fears, while benchmark U.S. Treasury yields fell after a strong seven-year note auction.

  

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