SINGAPORE: Chicago soybeans lost more ground on Tuesday as the market moved further away from its highest since late July reached last week with the focus on Brazilian planting delays and US exports.
Corn slid for a second session on forecasts of dry weather which is expected to aid the harvest across the US Midwest.
The most-active soybean contract on the Chicago Board Of Trade was down 0.2 percent at $9.89-1/4 a bushel by 0247 GMT, having closed 0.9 percent lower on Monday.
Corn lost 0.1 percent at $3.50 a bushel and wheat rose 0.1 percent to $4.37 a bushel.
“Soybeans did not have the impetus to stay at $10 so the market faded a little,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
“The market remains worried by dry soybean regions in some parts of Brazil. We have perhaps though reached the extent of the risk premium the market is willing to add for now.”
Lower US soybean processing data added pressure. The National Oilseed Processors Association said the September soybean crush totalled 136.419 million bushels. Analysts had been expecting 138.071 million bushels.
For corn, forecasts of warm and dry weather in the Midwest crop belt should allow farmers to pick up the pace of harvesting following a slow start.
The US Department of Agriculture said 29 percent of the US corn crop has been harvested as of Sunday, lagging behind market expectations of 31 percent.
Harvesting of the US soybean crop was 49 percent complete, the USDA said, matching analysts’ expectations.
The USDA said weekly export inspections of soybeans totalled 1.770 million tonnes, topping forecasts that ranged from 1.100 million to 1.400 million.
In the wheat market, the lowest price offer submitted in the tender from Iraq’s state grains board to buy at least 50,000 tonnes of hard wheat was $299 a tonne for cargoes to be sourced from the United States.
Source: Brecorder.com
