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SINGAPORE- Chicago corn futures fell over 2 percent on Monday, hitting their lowest in more than a week, as improved outlook for supplies weighed on the market.
Wheat and soybeans slid about 2 percent each.
“We are in the US weather market and prices are volatile,” said Pranav Bajoria, a director at Singapore-based brokerage Comglobal. “We are also seeing demand destruction at these high prices.”
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The most-active corn contract on the Chicago Board of Trade (CBOT) lost 2.7 percent to $6.66-1/4 a bushel, after hitting its lowest since June 3 at $6.53 earlier in the session. The new-crop December corn futures lost 4.5 percent.
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