BEIJING- Chicago soybean futures slipped on Tuesday, surrendering gains from the previous session, as bountiful supply from South America weighed on the market.
Corn and wheat futures also failed to sustain an overnight rise fueled by bargain buying.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was 0.3 percent lower at $11.51-1/2 a bushel, after rising 0.3 percent in the previous session.
Wheat fell 0.22 percent to $5.62-3/4 a bushel after rising 1.1 percent on Monday.
CBOT corn fell 0.06 percent to $4.29-3/4 a bushel after rising 1.2 percent in the previous session.
Corns and beans are getting support from dry forecast in South America while lower Russian and EU wheat prices continue to weigh on US wheat prices, Bergman Grains Research said in a note.
“The outlook for beans is more bearish than corn as US acres are expected to grow considerably and South American hedge pressure continues to weigh, but if corn can add value, beans will likely follow along,” Bergman Grains added.