BEIJING: Chicago soybean and corn futures edged lower on Tuesday after investors trimmed bullish bets as harvesting advanced across the US Midwest and forecasts pointed to mostly favourable fieldwork weather this week.
The most-traded soybean contract on the Chicago Board of Trade (CBOT) fell 0.16% to $12.51-1/2 a bushel by 0332 GMT, touching an eight-week low.
Although scattered rain delayed fieldwork in parts of the Midwest last week, forecasters said they expect drier conditions through week’s end.
The US Department of Agriculture reported on Monday that 64% of the soybean crop and 44% of the corn crop had been harvested, both below market expectations.
Winter wheat planting was 63% complete, versus expectations of 65%.
Harvest pressure outweighed support from renewed Chinese demand.
The department on Monday confirmed private sales totalling 114,000 metric tons of US soybeans to China, bringing the confirmed sales total to China to 1.472 million tons over the past four days.
Soybeans set for weekly loss as US harvest outweighs China buying
CBOT corn slid 0.32% to $4.65-1/2 a bushel, its lowest level in more than two months, while wheat fell 0.11% to $6.54-1/2 a bushel, hitting a more-than-two-month low.
“A cautious risk-off tone has persisted as US harvests add to global supply,” said Josh Lawrence of IKON Commodities.
He added that Russian and Ukrainian wheat shipments continue despite restrictions, while Australia’s harvest and Argentina’s upcoming wheat supplies are giving buyers ample options.
Russian wheat export prices eased slightly last week, while analysts raised their October export forecasts as shipments disrupted by the war with Ukraine are increasingly being redirected to Baltic terminals.