US soyabean prices dropped to a two-month low on Tuesday, dragged down by expectations for record South American production in a global market that is already amply supplied. Wheat edged away from a one-month low touched in the previous session, while corn prices were unchanged.
The most active soyabean futures on the Chicago Board of Trade had fallen 0.22 percent to $10.03-3/4 a bushel by 0240 GMT. That was near their weakest since January 11 at $10.03, marked earlier in the session.
"All the news points to really good South American (soya) production, which means there is a lot of kicking around globally," said Phin Ziebell, agribusiness economist, National Australia Bank.
Increased South American production comes as US farmers are expected to plant more soyabeans next season, adding to global inventories.
Private analytics firm Informa Economics raised its 2017 US soyabean plantings forecast to 88.7 million acres, from 88.647 million in January.
The most active wheat futures rose 0.23 percent to $4.31-1/2 a bushel. They closed down 2 percent on Monday, after hitting their weakest since February 9 at 4.30 a bushel.
Despite edging higher, wheat remains under pressure from forecasts for beneficial rains for US crops.
The Commodity Weather Group said updated forecasts raised the likelihood of much-needed rain in the US Southern Plains, although showers could miss some dry areas.
The most active corn futures were little changed at $3.60-3/4 a bushel. They closed down 0.9 percent in the previous session, when prices marked their
lowest since February 1 at $3.60-1/2.
The US Department of Agriculture reported export inspections of US corn in the latest week at 1,547,022 tonnes, at the high end of a range of trade expectations.
Private analytics firm Informa Economics raised its projection of US 2017 corn plantings to 90.8 million acres, from its January forecast of 90.5 million, trade sources said.
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