GRAINS-Soybeans edge lower, Chinese demand caps losses
CANBERRA, Aug 9 (Reuters) - U.S. soybean futures edged lower amid broad weakness in commodity markets on Monday, although losses were checked by strong Chinese demand.
FUNDAMENTALS
* The most active soybean futures on the Chicago Board Of Trade were down 0.1% at $13.36 a bushel by 0135 GMT, having firmed 0.6% on Friday.
* The most active corn futures were down 0.4% at $5.54-1/2 a bushel, having gained 0.6% in the previous session.
* The most active wheat futures were unchanged at $7.19 a bushel, having closed up 0.9% on Friday.
* Exporters last week reported a sale of 131,000 tonnes of soybeans to China, marking the second consecutive daily soybean sales notice, though weekly sales have been lighter than what is needed to meet USDA export targets.
* Corn was underpinned by dwindling prospects for the second crop in Brazil.
* U.S. and Canadian farmers anticipate sharply smaller spring wheat harvests from drought, while analysts have reduced Russian harvest estimates on disappointing yields and reduced planted areas.
MARKET NEWS
* The dollar climbed against major peers on Monday, reaching a four-month high versus the euro, as traders positioned for an earlier tapering of Federal Reserve stimulus.
* Asian shares wobbled on Monday amid sharp losses in gold and oil prices, while the dollar held near four-month highs after an upbeat U.S. jobs report lifted bond yields.
(Reporting by Colin Packham; Editing by Ramakrishnan M.)
