By Julie Ingwersen
CHICAGO, Jan 25 (Reuters) - U.S. soybean futures Sv1 fell 1.4% on Thursday, pressured by weak export demand for U.S. supplies of the oilseed given strong competition from Brazilian supplies, along with sliding values for soybean oil, traders said.
Corn futures Cv1 followed soybeans lower. Wheat futures edged higher after a choppy session while Kansas City hard red winter wheat KWv1 futures rose.
Chicago Board of Trade (CBOT) March soybeans SH24 settled down 17-1/4 cents at $12.23 per bushel and March soybean oil BOH24 ended down 0.79 cent, or 1.7%, at 46.53 cents per pound.
CBOT March corn CH24 finished down 1/2 cent at $4.51-3/4 a bushel. CBOT March soft red winter wheat WH24 settled up 1-1/2 cents at $6.12-1/4 a bushel while K.C. March hard red winter wheat KWH24 climbed 11-1/4 cents to end at $6.37 a bushel.
Soybeans fell after the U.S. Department of Agriculture (USDA) reported U.S. soybean export sales in the latest week at 560,900 metric tons, below a range of trade expectations, underscoring stiff competition from top global supplier Brazil.
"It's difficult to justify a rally that rations demand for U.S. soybeans when they're already the highest priced on the market," StoneX chief commodities economist Arlan Suderman wrote in a client note.
CBOT March soyoil futures BOH24tumbled on reduced domestic demand from renewable diesel plants as well as food makers, traders said.
"We might be seeing a little bit of bean oil back up here domestically," said Terry Reilly, senior agricultural strategist for Marex.
Market players were also monitoring crop weather in South America as the Brazilian soy harvest expands and Argentine crops continue to develop.
CBOT wheat futures Wv1eked out a higher close while the K.C. March hard red winter wheat contract KWH24 posted a three-week high on optimism about demand for high-quality milling wheat.
"There is some question whether maybe some of the demand for wheat will shift to North America and Europe, with the Middle East situation," Reilly said. Drought in the U.S. Plains curbed production of U.S. hard red winter wheat in the last two years, tightening supplies of the food grain.
(Reporting by Julie Ingwersen; additional reporting by Naveen Thukral in Singapore and Gus Trompiz in Paris Editing by Marguerita Choy)