Soybeans, corn drop

- Advertisement -

SINGAPORE- Chicago soybean and corn futures lost more ground on Tuesday, with expectations of crop-friendly US weather conditions and declining demand in top importer China weighing on the market.

Wheat ticked higher after two sessions of losses.

“Relief from dryness is expected from South Dakota through southwestern Iowa to parts of Missouri, southwestern Illinois and eventually into the northern Delta,” Terry Reilly, senior analyst with Futures International in Chicago, wrote in a report.

- Advertisement -

“Additional moisture will be needed, but cooler weather to follow the rain will help conserve the moisture and support better crop development.”

The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 0.7 percent to $14.02-1/4 a bushel.

Corn gave up 0.3 percent to $6.26-1/4 a bushel, while wheat added 0.8 percent to $8.07-1/2 a bushel.

The People’s Bank of China cut key interest rates on weaker-than-expected economic data from the world’s second-largest economy, raising concerns of a global recession.

A contraction of China’s economy, by far the largest buyer of US soybeans, could curb demand for US commodities. – Reuters

Author

- Advertisement -
Previous article
Next article

Share post: