CANBERRA- Chicago soybean futures rose on Wednesday but remained near their lowest levels since November 2020, as cheap South American supply made US beans less competitive in export markets and speculators bet on further price declines.
Corn futures also inched higher but plentiful supply held prices near their lowest since 2020, while wheat fell as bumper Russian production continued to loom over the market.
The most active soybean contract on the Chicago Board of Trade (CBOT) was up 0.3 percent at $11.44 a bushel after dropping as low as $11.34 on Monday.
Beans are pouring into the market as the harvest progresses in top producer and exporter Brazil, whose crop has not been as badly hit by adverse weather as many analysts feared a few months ago.
“The trend for soybeans is down and it will keep going down,” said Rabobank analyst Vitor Pistoia, adding that his bank forecast prices falling to $11 by the end of the year. -Reuters
