SYDNEY, Aug 3 – U.S. wheat futures fell nearly 1% on Monday as ample global supplies weighed on prices.
* The most active wheat futures on the Chicago Board Of Trade were down 0.9% at $5.26-3/4 a bushel by 0040 GMT, having closed 0.3% lower on Friday.
* The most active soybean futures were down 0.1% at $8.91-3/4 a bushel, having firmed 0.5% on Friday.
* The most active corn futures were down 0.2% at $3.26-1/2 a bushel, having gained 2.2% in the previous session.
* U.S. Energy Information Administration data on Friday showed that the amount of soyoil used for biodiesel in May rose to 778 million pounds, up from 672 million a month earlier.
* The USDA last week confirmed that Chinese buyers booked their single biggest purchase of U.S. corn, purchasing 1.937 million tonnes, the latest in a series of large U.S. purchases, even as tensions between Washington and Beijing rise.
* The Brazilian wheat crop has the potential to surpass 7 million tonnes this year and reach a record, provided the weather remains favourable throughout the cycle that has just begun, according to analysts interviewed by Reuters.
* The U.S. dollar ticked up in early Monday trade, clinging to its rebound late last week, but mounting concerns about a slowing U.S. economic recovery from coronavirus epidemic kept a lid on gains.
* Oil prices fell on Monday on concerns about oversupply as OPEC and its allies, together known as OPEC+, are due to pull back from production cuts in August while an increase in COVID-19 cases worldwide raised fears of slower pick-up in fuel demand.
* Asian shares and the dollar made a cautious start to the new month on Monday as U.S. lawmakers struggled to hammer out a new stimulus plan and a global surge of new coronavirus cases showed no sign of abating.
(Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)