Soybeans near three-week low, corn falls on US weather outlook

SINGAPORE: Chicago soybeans slid to their lowest in almost three weeks on Thursday, while corn lost more ground as forecasts of crop-friendly weather in the US Midwest added pressure on prices.

Wheat rose on concerns over Black Sea supplies amid ongoing attacks on vessels and grain handling facilities in Russia and Ukraine. “US weather is forecast to be a little bit wetter, which is taking some weather risk premium out of the market,” said one grains trader in Singapore.

The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.2percent to USD11.90-1/4 a bushel by 0216 GMT, having dropped to its lowest since July 10 earlier in the session, and corn gave up 0.4percent to USD4.70 a bushel. Wheat rose 0.5percent to USD6.64 a bushel.