Soybeans drop to 3-month low amid optimism over Brazil crop

U.S. soybean futures dropped for the third repeated session on Monday, as optimism over harvest prospects in Brazil emphasized the view that global supplies are more than plentiful to meet demand.

On the Chicago Mercantile Exchange, US soybeans for March delivery bang a daily low of $9.6700 a bushel, a range not seen since 23 October 2014, before trading at $9.6900 throughout U.S. morning hours, down 0.33% or 3.2 cents.

On Friday, US soybeans for March delivery edged down 0.41% or 4.0 cents, on Friday to end at $9.7260 a bushel. The oilseed rejected 1.84% or 10.53 cents, last week, the second repeated weekly loss.

Soybean prices have been on pressure in recent weeks amid issues over weakening demand from China and as optimism over crop projections in Argentina and Brazil emphasized worries over plenty global supplies.

In the meantime, US corn for March delivery drop 0.36% or 1.38 cents, to trade at $3.8463 a bushel.

On Friday, US corn for March delivery approached on 0.78% or 3.0 cents, to settle at $3.8660 after data confirmed stronger-than-estimated on weekly exports.

Moreover, on the Chicago Board of Trade (CBOT), US wheat for March delivery increased 0.08% or 0.42 cents, to trade at $5.3063 a bushel.

US wheat for March delivery dropped 0.7% or 3.6 cents, on Friday to close at $5.3000 a bushel.

The March wheat agreement lost 0.48% or 2.6 cents, last week, the fifth constant weekly decline, amid plenty global supplies and signs of cheap demand for U.S. wheat.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.