SINGAPORE- Chicago corn futures were largely unchanged on Tuesday, with the market trading near previous session’s four-year low on expectations of record US production and selling of old-crop supplies by farmers.
Soybeans and wheat eased amid plentiful global supplies.
“We don’t see much downside in corn prices from the current level, as record US crop has been factored into the market,” a Singapore-based trader said.
“Supplies from Northern Hemisphere harvest, especially from the Black Sea region, are still putting a lid on wheat prices.”
The most-active corn contract on the Chicago Board of Trade (CBOT) added 0.1 percent at 3.86-3/4 a bushel, after touching its lowest level since 2020 at $3.85 a bushel on Monday.
Wheat lost 0.2 percent to $5.23-3/4 a bushel and soybeans fell 0.2 percent to $9.79-1/4 a bushel.
A flurry of US farmer selling has continued this week, adding downward momentum to corn futures.
