Soybeans extend losses into third session



CANBERRA, Dec 8 (Reuters) - U.S. soybean futures edged lower for a third consecutive session on Wednesday as crop prospects brightened in South America, fuelling expectations for bumper global supplies.

FUNDAMENTALS

* The most-active soybean futures on the Chicago Board Of Trade Sv1 were down 0.3% at $12.46-1/2 a bushel by 0206 GMT, having closed down 0.9% in the previous session.

* The most-active wheat futures Wv1 were down 0.1% at $8.07-1/2 a bushel, after closing up 0.4% on Tuesday.

* The most-active corn futures Cv1 were down 0.4% at $5.84-1/4 a bushel, having closed up 0.3% in the previous session.

* Soybeans came under pressure as forecasts for improving crop weather in Brazil and Argentina weighed on the market.

* Brazil was expected to export 2.579 million tonnes of soybeans in December, up from 161,024 tonnes a year earlier, according to industry group Anec. The United States typically dominates the soy export market during December.

* The market was also watching to see if the U.S. Department of Agriculture will adjust its outlook for Chinese import demand in its monthly world supply and demand estimates due on Thursday.

MARKET NEWS

* The Australian dollar hit its strongest level in a week on Wednesday amid a pick-up in risk appetite on signs Omicron may be less severe than other COVID-19 variants, but still vulnerable to existing vaccines.

* Oil prices edged lower on Wednesday, reversing gains from earlier in the week, as investors tried to assess the full impact of the Omicron coronavirus variant on global fuel demand and the effectiveness of existing vaccines.


Reporting by Colin Packham; Editing by Devika Syamnath

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