SINGAPORE- Chicago corn and soybeans slid on Tuesday, with both markets facing pressure from rapidly advancing US planting, amid a trade war with top farm goods importer China.
Wheat ticked higher on bargain-buying after last session’s deep losses, although gains were curbed by forecasts of much-needed rains in the US winter crop belt.
“There is a lot of uncertainty over US-China trade relations and big crops in the US will add pressure on prices,” said a grains broker in Singapore.
The most-active corn contract on the Chicago Board of Trade (CBOT) had fallen by 0.4 percent to $4.81-1/2 a bushel and soybeans gave up 0.3 percent to $10.59-3/4 a bushel.
Wheat added 0.5 percent to $5.33-1/2 a bushel, after dropping 2.5 percent on Monday.
US farmers had planted 24 percent of corn crop as of Sunday, the US Department of Agriculture (USDA) said on Monday, one percentage point behind analysts’ average estimate but ahead of the five-year average of 22 percent.
