SINGAPORE- Chicago soybeans futures slid on Wednesday, giving up some of the gains from the previous session, as the prospect of record crop in Brazil weighed on the market.
Wheat inched higher on concerns over tightening world supplies, while corn nudged lower.
“Global soybean supplies are burdensome, Brazil is going to have a big crop. We expect prices to remain under pressure, said one agricultural trader in Singapore. “The wheat market is getting tighter as far as supplies are concerned.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.6 percent at $9.85-1/2 a bushel. Wheat edged 0.1 percent higher to $5.48 a bushel and corn also slid 0.1 percent to $4.32 a bushel.
Brazilian soybean growers are expected to reap an enormous crop, while rains across Argentina’s agricultural heartland have brought much-needed moisture to the soil as farmers are planting. – Reuters
