SINGAPORE- Chicago soybeans slid 1 percent on Monday and corn fell to its lowest level in four years after a widely tracked crop tour of key US growing areas forecast bumper harvests.
Wheat slid to a one-week low amid ample world supplies.
“The US crop tour has estimated some big yields,” a Singapore-based grains trader said. “It is the continuation of the same theme for beans and corn in Chicago futures today.
Everything is pointing to a big production out of the US “
The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 1.1 percent to $9.62-1/4 a bushel, and corn lost 0.5 percent to $3.89 a bushel, the lowest since October 2020.
Wheat fell 0.4 percent to $5.26 a bushel, the weakest since Aug. 16.
The US soybean harvest will be even bigger than the US government’s record forecast, advisory service Pro Farmer said on Friday, though it forecast a smaller corn crop than the US Department of Agriculture.
Pro Farmer forecast a soybean harvest of 4.740 billion bushels, which would be about 6 percent above the 2021 record and more than the 4.589 billion bushels forecast by the agriculture department.
The tour estimated record corn yields this week in top producers Iowa and Illinois, though crops in Minnesota were disappointing.
