SINGAPORE- Chicago corn futures lost ground on Thursday, with prices falling for a second session, while soybeans edged higher as traders positioned themselves ahead of US acreage and stocks data.
Wheat prices inched higher after closing almost flat in the previous session.
“Buyers and sellers are just waiting to see what the US reports will show,” said one soybean trader in Singapore. “There will be less action in prices before the report is out.”
The most-active corn contract on the Chicago Board of Trade (CBOT) lost 0.4 percent to $4.23-3/4 a bushel, and soybeans added 0.2 percent to $11.09-1/2 a bushel. Wheat gained 0.5 percent at $5.63 a bushel.
Traders were positioning ahead of the release of data by the US Department of Agriculture (USDA). The agency is scheduled to release its next quarterly stocks report for June, and its 2024 acreage report on Friday.
The market continues to weigh the impact of flooding and extreme heat in top corn and soybean growing areas of the central United States.
