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BEIJING – Chicago corn and soy futures extended losses on Tuesday, as wetter weather in South America raised prospects of higher production.
Wheat also slipped after two straight sessions of gains.
“Weather forecasters’ greater confidence in a wetter weather tack for currently dry areas of Paraguay and adjacent Brazil weighed on the market,” said Tobin Gorey, director of agricultural strategy at the Commonwealth bank of Australia.
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The most-active corn contract on the Chicago Board of Trade was down 0.6 percent at $5.82 a bushel, while soybeans inched down 0.2 percent to $12.41 a bushel.
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