CHICAGO: Chicago corn, wheat and soybean futures fell for a second day on Tuesday, pressured by rainfall across parts of the US Midwest, as well as economic uncertainty in China and grain shipments from war-torn Ukraine.
The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 31 cents to $13.81-1/4 a bushel by 10:59 a.m. (1559 GMT).
CBOT corn fell 18-1/2 to $6.09-3/4 a bushel, while CBOT wheat dropped 17-3/4 cents to $8.00 a bushel.
Soybeans extended Monday’s losses after falling to their lowest in more than a week as an unexpected interest rate cut in China fanned worries about faltering growth in the world’s biggest soy importer.
Forecasts for rain this week in dry western parts of the US corn and soybean belt pressured markets, despite declining crop conditions last week as reported by the US Department of Agriculture (USDA).
“The extended forecast looks wet and cool,” said Ed Duggan, Senior Risk Management Specialist at Top Third Ag Marketing. “We ran it up on hot and dry, and now we’re backing off because of rain.”
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