JAKARTA- Chicago corn, soybean and wheat futures opened lower on Wednesday amid expectation of higher US output of corn and soybean and better yield in Russian wheat.
The most-active corn contract on the Chicago Board of Trade(CBOT) slipped 0.24 percent to $4.07-1/2 a bushel, a third consecutive session of losses. Chicago soybeans was down 0.44 percent at $10.75-1/4 a bushel, the lowest since November 2020, while CBOT wheat fell 0.26 percent at $5.7-1/2 a bushel.
“Corn has been in a bit of a downtrend since the acreage report showed higher than expected acres for corn,” a Singapore-based trader said.
Analysts estimated US corn production would be higher than the US Department of Agriculture’s previous estimate, a Reuters poll showed. “Moreover, the weather for both beans and corn in the US has been pretty good so far and hence the higher crop expectations are driving prices lower,” the trader said.
However, analysts estimated South America corn and soybeans output will be lower than USDA estimate in June, a Reuters poll showed.
