CANBERRA: Chicago soybean futures fell on Wednesday from one-month highs in the previous session as a production forecast downgrade by Brazil’s crop agency tests speculative investors who have bet heavily on further price declines.
Corn futures edged higher and wheat futures also rose after falling on Monday to their lowest since August 2020 amid lower Russian export prices and cancelled US sales.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.7% at $11.88-1/4 a bushel by 0552 GMT, having hit $11.97 on Tuesday, its highest since Feb. 13.
Prices remained down around 8.5% this year and last month hit their lowest since 2020. “It is too early to say whether this is a readjustment or a ‘dead cat bounce’”, said Andrew Whitelaw, an analyst at Australian consultants Episode 3.
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