PARIS/CANBERRA: US soyabean inched down on Wednesday after setting a new 2-1/2-month high as investors weighed torrid weather in Brazilian crop belts and brisk demand for US supplies.
Corn and wheat futures also ticked lower. The most-active soyabean contract on the Chicago Board of Trade (CBOT) was down 0.1% at $13.88-1/4 a bushel by 1306 GMT.
It earlier reached its highest since Aug. 30 at $13.98-1/2, surpassing a previous 2-1/2 month peak struck on Tuesday, though it remained shy of the $14 psychological threshold.
A heatwave in Brazil has amplified concerns about dry planting conditions in northern and central regions.
Consultancy AgRural lowered its forecast for Brazil’s 2023/24 soyabean crop on Monday by 1.1 million metric tons to 163.5 million tons and said further cuts were possible before the end of the month.
However, rain forecast for next week could bring relief and turn attention back to large global supplies of the oilseed.
“Over the next couple of weeks I expect prices to lose ground,” said Ole Houe, director of advisory services at Australian agricultural brokerage IKON Commodities, citing prospects that Brazilian production would still rise and Argentine output would rebound after this year’s drought.
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