CHICAGO: Chicago soyabean and corn futures eased on Thursday as traders monitored US weather forecasts for hot, dry conditions that could threaten newly planted crops, though the impact remains uncertain, traders said.
Soyabeans were underpinned by supply concerns that pushed world edible oil prices higher, with soyabean oil hitting its highest in a decade.
The most-active soyabean contract on the Chicago Board of Trade fell 14-1/4 cents to $15.48-1/4 per bushel as of 12:11 p.m. (1711 GMT), while new-crop November soyabeans dipped 11-3/4 cents to $14.02.
CBOT’s most-active corn was 19-1/4 cents lower at $6.55-3/4 per bushel, while new-crop December corn eased 12-1/4 cents to $5.60-1/4.
The most-active soyabean oil futures contract was down 1.33 cents at 69.05 cents per lb., after hitting 72.13 cents, its highest since 2011.
CBOT wheat eased 16-1/2 cents to $6.71 per bushel.
Hot and dry weather in parts of the US Midwest caused concern for newly planted corn and soyabean crops, though it’s too early to assess any damage.
“We’re drifting, looking for overall direction. We have a very well-rated corn crop and likely a very good bean crop, versus a little bit of a threatening forecast - warmer, dryer temperatures,” said Ted Seifried, vice president of Zaner Group.
Global corn and soyabean stocks are in focus as Brazil struggles with its worst water crisis in almost a century, impacting crops and river navigation in the world’s largest exporter of commodities ranging from corn and soyabeans to coffee and sugar.
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