SINGAPORE- Chicago soybean futures lost more ground on Monday, while corn slid to its lowest in almost a week, as pressure from mounting supplies weighed on the market amid uncertainty over the outcome of the US election.
Wheat touched a seven-week low, dragged down by improved weather in the US Plains and expectations of a bumper southern hemisphere supply.
“There was some support from strong demand last week, but we have plenty of corn and soybeans around the world and the US harvest is adding to those supplies,” one Singapore-based trader said. “Also, South American weather is conducive for plantings.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.7 percent at $9.90-3/4 a bushel, and corn eased 0.4 percent to $4.13-1/2 a bushel.
Wheat dropped 0.8 percent to $5.64-1/4 a bushel, after hitting its lowest since Sept. 9 earlier in the session.
