SINGAPORE- Chicago corn slid for a fifth consecutive session on Monday, while soybeans dropped to a two-week low as expectations of milder weather in the US Midwest reduced concerns over supplies.
Wheat slid almost 2 percent , but was on track for a second month of gains with worries over Black Sea supplies driving prices higher in recent weeks.
“US weather is driving corn and soybeans lower,” said one Singapore-based grains trader.
“Wheat prices have dropped below $7 a bushel, but the supply situation for wheat is still uncertain. Any further escalation in the Russia-Ukraine war can drive prices higher.”
The most-active corn contract on the Chicago Board of Trade (CBOT) was down 2.1 percent at $5.19 a bushel and soybeans gave up 1.8 percent to $13.57-1/2 a bushel, after declining to their lowest since July 14 at $13.57 a bushel. Wheat fell 1.9 percent to $6.90-3/4 a bushel.
In July, corn has risen around 5 percent , soybeans are up 1 percent and wheat climbed 6 percent. – Reuters
