June 19, 2018, 8:09 pm
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Soybeans drop to 9-month low

SINGAPORE- Chicago soybeans slid more than 1 percent to its lowest since mid-September on Wednesday, weighed down crop-friendly weather and a lack of Chinese demand for US supplies.

Wheat gave up 1 percent after Tuesday’s strong rally which was triggered by the US government’s estimates of lower Russian production.

The Chicago Board of Trade most-active soybean contract was down 1.2 percent at $9.43 a bushel, having dropped earlier in the session to the lowest since Sept. 12 at $9.42-1/2 a bushel.

Wheat fell 1.03 percent to $5.29 a bushel, after rallying almost 4 percent on Tuesday, and corn dropped 0.5 percent to $3.75-3/4 a bushel, after gaining 2.8 percent in the previous session.

“US weather is looking good for the soybean crop and we have had a record crop from Brazil,” said one India-based commodities analyst.

“Chinese buying is largely focused on Brazilian beans.”

The USDA raised its estimate of all US wheat production for 2018/19 by 6 million bushels to 1.827 billion bushels, but it cut its Russia wheat harvest estimate to 68.50 million tons from 72.00 million tons.

Australia on Wednesday cut its wheat production forecast by nearly 8 percent for 2018/19 as prolonged dry weather across the country’s east coast crimps national output.  – Reuters 
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