SINGAPORE- Chicago corn and soybean futures lost more ground on Wednesday, with prices pressured by expectations of beneficial rains in parts of the US Midwest easing supply concerns.
Wheat slid after Egypt, the world’s biggest importer, cancelled an international purchase tender that had drawn offers of US wheat.
“The market was abashed by the USDA’s (US Department of Agriculture) steady US corn crop conditions survey so that weighed on prices,” said said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia.
“Also weighing on prices was weather models’ indicating more favorable projections of the US Midwest.”
The most-active corn contract on the Chicago Board of Trade (CBOT) lost 0.8 percent to $5.90-1/4 a bushel, and soybeans gave up 1 percent to $13.44-1/4 a bushel.
Wheat dropped 0.3 percent to $8.10 a bushel.
Corn and soybeans are being weighed down by forecasts pointing to beneficial rains in parts of the US Midwest crop belt next week, which could bolster yields.
A weekly report showed stabilizing US crop conditions. The USDA late on Monday rated 64 percent of the US corn crop in good-to-excellent condition, unchanged from the previous week, while analysts surveyed by Reuters on average had expected a decline of one percentage point.
Egypt’s state grains buyer GASC cancelled its international tender for wheat with no purchase made, as offer prices were higher than estimates.
