Soybeans Retreat from Two-Year High

U.S. soybean futures edged lower on Thursday for the first time in 13 sessions, as traders locked in profit after the oilseed climbed to its highest in more than two years following strong demand from China, the world's largest importer, reports Reuters.

Grain markets are turning thir attention to month supply-and-demand forecasts by the USDA scheduled for September 11, to gauge the impact of dry weather and storm damage on U.S. corn and soybean harvest prospects.

Analysts expect the government to lower its forecasts of U.S. 2020/21 corn production and ending stocks, although stockpiles should remain relatively plentiful.