SINGAPORE-Chicago soybean futures lost ground on Monday, while corn prices were little changed, with both markets weighed down by a US government forecast for all-time high production.
Winter wheat climbed almost 1 percent, adding to last session’s strong gains as expectations of crop losses in the drought-stricken US Plains underpinned prices.
“The USDA monthly supply/demand report on Friday presented the first look at the 2023/24 season and it was bearish for corn and soybeans,” commodities research firm Hightower said in a report.
“Big ending stocks are anticipated if the weather is normal.”
The most-active corn contract on the Chicago Board of Trade (CBOT) added quarter of a cent to $5.86-1/2 a bushel and soybeans lost 0.1 percent to $13.88-3/4 a bushel.
K.C. hard red winter wheat futures rose 0.9 percent to $8.84-3/4 a bushel, after climbing 4.2 percent on Friday.
The US Department of Agriculture (USDA) in its monthly supply-demand report said wheat harvest in the Plains would be the smallest since 1957 as farmers across Kansas, Oklahoma and Texas were forced to abandon crops due to dry conditions. – Reuters
