SINGAPORE- Chicago soybean futures slid on Wednesday as prices eased from last session’s one-week high, although concerns over lower production in drought-hit Argentina provided a floor under the market.
Wheat fell and corn edged higher in positioning ahead of Friday’s annual US Department of Agriculture (USDA) planting intentions report.
“Argentina is the world’s largest meal exporter and crushing facilities are having difficult time in buying soybeans from producers,” commodities research firm Hightower said in a report.
“The early stages of US planting across the Midwest are running into wet fields and cold temperatures.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.2 percent to $14.65-1/2 a bushel. Wheat lost quarter of a cent to $6.99-1/2 a bushel and corn Cv1 added 0.1 percent to $6.47-3/4 a bushel.
Argentina’s Buenos Aires grains exchange maintained its 2022/2023 production forecasts for both soybean and corn on last week, but cautioned further cuts were possible with yields on the first batches of soy coming in below expectations.
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