BEIJING: Chicago soybeans and corn eased on Wednesday as traders squared positions ahead of the US Department of Agriculture’s global supply and demand report due on Friday. Analysts expect the agency to trim US soybean and corn yield forecasts, though production is still projected to remain large.
In its previous outlook, the USDA pegged corn output at a record high and soybean harvests at bumper levels.
On the Chicago Board of Trade (CBOT), the most active soybean contract slipped 0.41 percent to USD10.27 per bushel as of 1030 GMT, with a lack of demand from top buyer China continuing to weigh on the market.
US farmers are missing out on billions of dollars in soybean sales to China halfway through their prime marketing season, as stalled trade talks halt exports and rival South American suppliers step in to fill the gap, traders and analysts said.
In Brazil, the world’s top soybean producer, soy exports are seen at 7.43 million tons in September, up from 6.75 million metric tons a week earlier, according to Brazil’s grain exporters’ association Anec.
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