PARIS/CANBERRA: Chicago soybean futures edged to another two-year low while corn eased to a three-year low as improving harvest expectations in South America and doubts over Chinese demand kept the focus on ample global supplies. Wheat fell for a third session, curbed by competition from Black Sea origins as well as bearish sentiment across grain markets.
The most active soybean contract on the Chicago Board of Trade (CBOT) was down 0.1% at $11.93 a bushel by 1216 GMT.
The contract fell to $11.87-3/4 earlier, its weakest since November 2021 and below a previous two-year low struck on Monday. CBOT corn was down 0.7% at $4.37 a bushel, the lowest since December 2020 and below a previous three-year trough hit in mid-January. “Soybean and corn prices remain under pressure after the supply outlook brightened further recently,” Commerzbank said in a note.
The Buenos Aires Grains Exchange last week raised its soybean and corn crop estimates for Argentina.
Showers forecast this week and next in Brazil have eased concerns about drought damage, though traders are monitoring a hot, dry spell in Argentina before an expected return of rain late next week.
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