SINGAPORE: Chicago soybean futures dipped on Wednesday as a fast pace of planting across the U.S. Midwest and slowing imports by top buyer China kept a lid on the market.
Wheat edged higher after closing sharply lower on Tuesday amid growing uncertainty over the extension of a Black Sea export deal, which allows Ukraine to ship grains despite war with Russia.
“Planting progress is ahead of schedule and the weather forecast also carries a bearish tilt,” commodities research firm Hightower said in a report, referring to the soybean market.
Soybean, corn fall on US planting progress; wheat down 1.2%
The most-active soybean contract on the Chicago Board of Trade (CBOT) fell quarter of a cent to $14.14 a bushel, as of 0223 GMT, and corn added 0.1% to $5.85-1/4 a bushel.
Wheat rose quarter of a cent to $6.43-3/4 a bushel.
The U.S. Department of Agriculture (USDA) reported corn and soybean planting progress that topped market expectations, with the pace of soybean seeding the second fastest on record.
Farmers had planted 49% of their corn and 35% of their intended soybean acreage, the agency said.
There was additional pressure in soybeans stemming from slowing purchases by top importer China.
China’s April imports of soybeans fell 10% from a year earlier, customs data showed on Tuesday, after stricter customs checks delayed cargoes.
The world’s biggest soybean buyer brought in 7.26 million tonnes of the oilseed last month, significantly less than the 9 million tonnes expected by traders.
The United Nations said inspections resumed on Tuesday of outbound vessels under a deal allowing the safe Black Sea export of Ukraine grain, which Moscow has threatened to quit on May 18 over obstacles to its own grain and fertilizer exports.
Commodity funds were net sellers of CBOT corn, soybeans, wheat, soymeal and soyoil futures contracts on Tuesday, traders said.
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