SINGAPORE: Chicago corn and wheat futures extended losses on Wednesday to new multi-week lows after US grains data underscored ample supply, with soybeans dropping below the psychological USD10 threshold after US lawmakers said China is unlikely to make purchases of US soybeans in the near future.
The most-active soybean contract on the Chicago Board of Trade was last down 2-1/2 cents to USD9.99-1/4 a bushel as of 10:00 a.m. CT (1500 GMT), after slipping below the USD10 mark for the first time in seven weeks.
CBOT corn was down 3-1/4 cents to USD4.12-1/4 a bushel, after reaching its weakest level since August 29. CBOT wheat was down 3-3/4 cents to USD5.04-1/4 a bushel, after reaching its lowest since August 14, when the benchmark set a five-year low.
The US Department of Agriculture’s widely tracked quarterly US grain stocks estimates released on Tuesday weighed on prices by showing higher corn and wheat inventories than anticipated on average by analysts.