SINGAPORE/PARIS: Chicago soybean and corn futures slid on Monday, starting the week on a bearish note due to seasonal harvest pressure in the United States with soybeans facing additional weakness from China’s absence from the market.
Wheat edged higher. “US soybean inventories are going to increase in the coming weeks, as there is lower demand for US soybeans and we have supplies coming from the ongoing harvest,” said an oilseed trader in Singapore.
The most-active soybean contract on the Chicago Board of Trade lost 0.35 percent to USD10.10-1/4 a bushel by 1013 GMT, corn was down 0.5 percent to USD4.20 a bushel and wheat rose 0.1 percent to USD5.20-1/4 a bushel.
The advancing US soybean and corn harvests are putting supply pressure on prices, though doubts over the size of corn yields had lent some support to that market in recent sessions. The US Department of Agriculture is scheduled to issue a weekly update on harvesting progress on Monday.
Comments
Comments are closed for this article.