SINGAPORE: Chicago soybeans futures slid for a fourth straight session on Tuesday as the market came under pressure from slowing Chinese demand for US cargoes.
Wheat prices dipped for a third consecutive session on ample global supplies, although worries about patchy rain for the US winter crop kept a floor under the market.
The Chicago Board of Trade most-active soybean contract had eased 0.2 percent to $10.30-1/2 a bushel by 1127 GMT, having closed down 0.8 percent on Monday when prices hit their weakest since April 6 at $10.29 a bushel.
Wheat fell 0.8 percent to 4.70-3/4 a bushel, having closed down 0.6 percent on Monday. As a result, the market filled a technical gap marked on Wednesday last week.
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Corn was 0.2 percent down at $3.86-3/4 a bushel.
“There is uncertainty about China’s soybean imports after anti-dumping action on sorghum,” said an India-based agricultural commodities analyst.
“But we expect things to be sorted out soon as China needs US beans because of strong demand and profitable crush margins.”
The US Department of Agriculture (USDA) has not announced any new soybean sales to China since April 10. The last deal to any destination was announced on April 11.
The USDA on Monday said weekly soybean export inspections were 470,817 tonnes, in line with estimates that ranged from 300,000 to 600,000 tonnes.
Corn export inspections were 1.719 million tonnes, topping forecasts that ranged from 1.2 million to 1.7 million tonnes. Wheat export inspections of 619,251 tonnes also beat forecasts, which ranged from 350,000 to 550,000 tonnes.
A slower pace of planting was underpinning the corn market.
The agency said 5 percent of the US corn crop was planted as of Sunday, lagging behind market expectations.
It said 2 percent of the soybean crop was planted as of Sunday, matching market forecasts.
The USDA said 31 percent of the US wheat crop was in
good-to-excellent condition, lower than analyst forecasts.
Commodity funds were net sellers of CBOT soybean, wheat, soymeal and soyoil contracts on Monday, traders said. They were net buyers of corn futures.
Source: Brecorder
