SINGAPORE: Chicago corn futures slid on Thursday, falling for three out of four sessions, while soybeans lost more ground as forecasts of crop-friendly weather in the US Midwest boosted prospects for both crops.
Wheat slid for a fifth consecutive session on harvest pressure. “For corn, we have bearish weather, which (is) limiting any upside we (have) seen in prices,” said one agricultural broker. “Wheat is also under supply pressure, given the harvest progress.”
The most-active corn contract on the Chicago Board of Trade (CBOT) fell 0.5% to $4.13-1/4 a bushel, as of 0159 GMT, and soybeans slid 0.1% to $10.06-3/4 a bushel.
Wheat was down 0.9% at $5.42-1/4 a bushel. Favourable US crop weather continues to hang over grain futures, fuelling expectations for sizable corn and soybean harvests this autumn.
The next 15 days will likely be the most critical period of development for the corn crop, and near-normal temperatures are expected in most areas of the Midwest, weather firm Vaisala said. For wheat, the ongoing harvest across key exporters in the Northern Hemisphere continues to pressure prices.
Grain traders remain worried that US tariff disputes with key trading partners may hurt demand for US crops and exacerbate a glut in supply. The US Department of Agriculture is slated to update monthly estimates for global grain supplies and demand on Friday. Commodity funds were net sellers of CBOT soybean, soyoil and wheat futures contracts on Wednesday, traders said. Funds were net buyers of corn futures and net even in soymeal, they said.
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