SINGAPORE: Chicago soybeans slid 1% on Monday and corn fell to its lowest level in four years after a widely tracked crop tour of key US growing areas forecast bumper harvests.
Wheat slid to a one-week low amid ample world supplies. “The US crop tour has estimated some big yields,” a Singapore-based grains trader said. “It is the continuation of the same theme for beans and corn in Chicago futures today.
Everything is pointing to a big production out of the US” The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 1.1% to $9.62-1/4 a bushel, as of 0245 GMT, and corn lost 0.5% to $3.89 a bushel, the lowest since October 2020. Wheat fell 0.4% to $5.26 a bushel, the weakest since Aug 16.
The US soybean harvest will be even bigger than the US government’s record forecast, advisory service Pro Farmer said on Friday, though it forecast a smaller corn crop than the US Department of Agriculture. Pro Farmer forecast a soybean harvest of 4.740 billion bushels, which would be about 6% above the 2021 record and more than the 4.589 billion bushels forecast by the agriculture department.
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