CANBERRA- Chicago corn and soybean futures edged lower on Wednesday and were hovering above multi-year lows as concerns over the condition of US crops were offset by ample supply.
Wheat futures rose but were under pressure from a rapidly advancing US harvest and near two-month lows.
The most-active corn contract on the Chicago Board of Trade (CBOT) was down 0.2 percent at $4.20-1/4 a bushel after falling to $3.99-1/2 on Friday, its lowest since 2020.
CBOT soybeans meanwhile dipped 0.1 percent to $11.12-1/4 a bushel after having slumped to $10.97, also its lowest since 2020, on Monday.
US government data in recent days showed a deterioration of the condition of the US corn crop and some forecasters predict dry and hot weather in late July or early August in the western Corn Belt that could impact soybean pod setting.
But the US Department of Agriculture (USDA) also reported a larger corn planted area than it previously forecast and said US farmers were holding on to corn and soybeans in the hope of better prices, which could hamper any rally.
“Last week’s US stocks and acreage report showed that there’s a lot of corn around,” said Commonwealth Bank analyst Dennis Voznesenski.
