SINGAPORE- Chicago soybean and corn futures lost more ground on Tuesday with improved condition of both crops in the US Midwest and forecasts of beneficial weather weighing on prices.
Wheat prices slid 1 percent , giving up some of the last session’s gains which were triggered by concerns over Black Sea supplies.
The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 0.3 percent at $12.98 a bushel, and corn gave up 0.2 percent to $4.95 a bushel. Wheat fell 1 percent to $6.51 a bushel.
“US weather has been positive for soybean and corn development,” said one Singapore-based trader. “There are forecasts for more rains, which is likely to further improve crop prospects.”
Weekly condition ratings for the US soybean and corn crops improved in the past week more than analysts expected, but the spring wheat crop deteriorated, US government data showed on Monday.
