Corn, soybeans fall on dry weather forecast; wheat eases

SINGAPORE: Chicago corn and soybeans fell on Tuesday, giving up some of the previous session’s gains, as dry weather in the US Midwest is expected to accelerate the harvest that is running behind average pace.

Wheat prices ticked lower, although disruption to global supplies amid the Russia-Ukraine war limited the downside.

The most-active corn contract on the Chicago Board of Trade (CBOT) fell 0.1% to $4.96-3/4 a bushel, as of 0359 GMT, and soybeans declined 0.2% to $12.78-1/2 a bushel.

Wheat gave up 0.2% to $6.91 a bushel.

“There is a bit of downside in the market today as we are seeing some seasonal harvest pressure on prices,” said a grains trader in Singapore.

US farmers have harvested 23% of their corn and 25% of their soybeans, below the average pace over the past five years, the US Department of Agriculture said on Monday.

While rain has significantly slowed progress in parts of the western Midwest, particularly in Iowa, weather forecasts call for dry weather for much of this week across the central US.

That drier weather could help speed up the harvest, market analysts said.

The wheat market has been supported in recent weeks by the Russia-Ukraine war disrupting supplies.

On Monday, a major Saudi purchase supported prices.