SINGAPORE- Chicago soybean futures lost more ground on Tuesday, with a lack of demand for US supplies weighing on the market, although losses were limited by dry weather curbing yields in key supplier Argentina.
Wheat fell for a third consecutive session while corn slid.
“US soybean export inspections were bit lower than expected,” said one Singapore-based trader. “Going forward, there will be more competition for US exports as Brazil starts harvesting.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.7 percent at $14.77-1/2 a bushel, wheat gave up 0.9 percent to $7.35 a bushel and corn fell 0.4 percent to $6.50 a bushel.
The US Department of Agriculture (USDA) on Monday reported weekly grain export inspections for corn, soybeans and wheat near the low-end of a range of trade estimates. US exports have struggled to compete in the global market with cheaper South American supplies.
The market is cautious ahead of Thursday’s global crop supply-and-demand estimates from the USDA. In the report, the USDA is expected to cut its corn and soy production outlook for drought-hit Argentina but also raise its estimate of US grain and soybean supplies.
