BEIJING: Chicago soybean and corn futures eased on Tuesday as traders set final positions in thin pre-holiday trading, with a stronger dollar also weighing on the market.
Wheat also fell, although concerns that export restrictions in Russia could tighten global supplies next year capped losses.
The most-active corn contract on the Chicago Board of Trade fell 0.06% to $4.47-4/8 a bushel at 0431 GMT.
CBOT soybeans fell 0.31% to $9.73 a bushel, while wheat shed 0.46% to $5.38 a bushel.
The US dollar was perched near a two-year peak of 108.54 as prospects of higher-for-longer US interest rates remained on top of investors’ minds, leaving other currencies struggling.
A stronger dollar makes US supplies more expensive in export markets.
Russia, the world’s largest wheat exporter, said on Friday its wheat and meslin export quota in the second half of the exporting season will stand at 10.6 million metric tons, implying exports would be sharply reduced next year.
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Sovecon agriculture consultancy said that Russian wheat exports will fall by 17% to 36.4 million tons in the 2025-26 export season due to poor harvest and low carry-over stocks.
Separately, warmer-than-usual weather throughout the European part of Russia at the end of December will complicate the overwintering of grains, the state weather forecasting agency said on Monday.
Exporters sold 132,000 tons of US corn to unknown destinations and 132,000 tons of US soybeans to China, all for 2024-25 delivery, the US Department of Agriculture said.
The bourse will be closed on Wednesday for Christmas.
Source: Brecorder
