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GRAINS-Soybeans retreat from 4-year peak, tight supply checks losses

SYDNEY, Nov 12 (Reuters) - U.S. soybeans retreated on Thursday as traders raked in profit after prices hit their highest in more than four years in the previous session, although strong export demand and concerns over global supplies provided a floor to losses.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were down 0.4% at $11.48 a bushel by 0241 GMT, having firmed 0.6% on Wednesday when prices hit a June 2016 high of $11.62-1/4 a bushel.

* The most active corn futures were down 0.8% at $4.14 a bushel, having closed 1.4% lower in the previous session.

* The most active wheat futures were down 0.8% at $5.93 a bushel, having closed 1.7% weaker on Wednesday.

** The markets had extended a rally on Wednesday, triggered when the U.S. Department of Agriculture issued a monthly crop report that said corn and soybean stockpiles this marketing year will fall to their smallest in seven years.

* The USDA earlier this week lowered its estimate of the U.S. 2020/21 soybean yield to 50.7 bushels per acre, below the lowest in a range of trade expectations.

* The USDA lowered its forecast of Argentina’s 2020/21 soybean crop to 51 million tonnes, from 53.5 million last month, but left its estimate of Brazil’s crop unchanged at 133 million tonnes.

* Brazilian crop supply agency Conab raised its forecast of the country’s soybean harvest to 134.953 million tonnes, from 133.673 million in October.

MARKET NEWS

* The euro got off to an unusually quiet start in Asia on Monday, having posted its worst weekly performance in three months, as investors await more developments and ratings downgrades from Europe.

* Oil prices rose in early trade on Thursday, taking the week’s gains to more than 12% on growing hopes that the world’s major producers will hold off on a planned supply increase as soaring cases of COVID-19 dent fuel demand.

* Stocks in Asia were set to continue their gains on Thursday, buoyed again by continued global stimulus efforts and hopes of a coronavirus vaccine. (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)

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