SINGAPORE- Chicago soybean futures slid for the first time in four sessions on Wednesday on concerns over hot weather in the US Midwest hurting this year’s potential record crop.
Corn and wheat also edged lower, after closing higher on Tuesday, with ample global supplies adding pressure on prices.
“We don’t see any major worries for the US bean crop, apart from the fact that the recent dryness might have marginal impact on yields,” said one trader in Singapore.
“I think it should still be a record crop anyway. On the demand side, it is hand-to-mouth buying.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.4 percent to $9.82-1/2 a bushel, after climbing to its highest since Aug. 12 to $9.92 a bushel on Tuesday .
Corn fell 0.3 percent to $3.91-1/2 a bushel and wheat shed 0.2 percent to $5.34-1/4 a bushel.
Worries over a heatwave and lack of rainfall in large parts of the US Midwest underpinned prices in the last few sessions as it could damage the soybean crop during its key development stage.
