SINGAPORE- Chicago soybeans eased after climbing to their highest levels in almost three weeks on Monday, as expectations of ample South American supplies kept a lid on prices.
Corn fell for the first time in four sessions, while wheat retreated from strong gains seen in the previous session.
“Sentiment in the agricultural market is bearish,” said one Singapore-based trader. “The upside in prices is limited as there is too much supply.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.3 percent to $11.80-1/4 a bushel. Earlier in the session, the contract climbed to its highest since Feb. 20 at $11.89 a bushel.
Corn lost 0.9 percent to $4.36 a bushel and wheat fell 0.4 percent to $5.35-3/4 a bushel. – Reuters