CHICAGO: Chicago Board of Trade soybean futures fell to a 2020 low on Wednesday, while corn hovered near a four-year low as favourable US crop conditions kept a lid on prices.
Multiple soybean and corn contracts hit lifetime lows as traders see US weather forecasts as posing limited threats to crops during the summer growing period.
Traders expect the US Department of Agriculture will increase its ending stocks and production estimates for US corn in a monthly supply/demand report on Friday. “Supply pressure continues to weigh heavily on the prices,” said Mark Soderberg, analyst at ADM Investor Services.
The most-active soybean contract fell 3-1/4 cents to $10.76-3/4, hitting its lowest point since Nov. 4, 2020, by 10:55 a.m. CDT (1555 GMT). —Reuters
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