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SINGAPORE- Chicago corn and soybean futures lost more ground on Monday as a rapidly advancing US harvest season and a slowdown in exports put pressure on the commodities.
Wheat edged lower although trader concerns over tight global supply curbed losses.
“There is a bit of pressure on corn and beans from the US harvest,” said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.
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“There is more (downside) to come as crops are large and China is not showing interest in buying US corn yet.”
The most-active corn contract on the Chicago Board of Trade (CBOT) was down 1 percent at $5.22 a bushel. Soybeans gave up 0.7 percent to $12.74-3/4 a bushel and wheat lost 0.1 percent to $7.08 a bushel. – Reuters
