SINGAPORE — Chicago soybean futures lost more ground on Wednesday, with prices dropping to their lowest in three weeks, on expectations of a record U.S. production and higher South American planting.
Wheat and corn prices slid for the first time in three sessions.
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The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 1% to $ 13.85 a bushel, as of 0332 GMT, after dropping to its weakest since Aug. 18 at $13.84 a bushel.
Wheat fell 0.8% to $8.10 a bushel and corn gave up 0.9% to 6.69-3/4 a bushel.
Forecasts of a record U.S. soybean crop are weighing on prices, as farmers prepare for harvesting their crop.
Weekly condition ratings for U.S. corn and soybean crops held steady in the latest week, the U.S. Department of Agriculture said on Tuesday, bucking analyst estimates for a decline as dry conditions gripped portions of the western Midwest.
In its weekly crop progress report, the USDA rated 54% of the U.S. corn crop and 57% of the soybean in good to excellent condition, unchanged from a week earlier.
Favorable early projections for Brazil’s next soybean and corn crops were adding pressure on Chicago futures.
Argentine soybean farmers registered 268,000 tonnes of sales during the last week of August, according to agriculture ministry data released on Tuesday, as the country expects the pace of sales to increase as new incentives kick in.
Russia on Tuesday questioned a U.N.-brokered deal with Ukraine to boost grain and fertilizer exports by both countries, accusing Western states of failing to honor pledges to help facilitate Moscow’s shipments.
Commodity funds were net sellers of CBOT soybean, soyoil and soymeal futures contracts on Tuesday, traders said. The funds were net buyers of CBOT corn and wheat. (Reporting by Naveen Thukral; Editing by Rashmi Aich)