SINGAPORE- Chicago soybean and corn futures slid for a second session on Wednesday to a one-week low, as a US government forecast of lower demand and higher production weighed on prices.
Wheat gained ground after Tuesday’s losses, but hopes of resumption in exports from war-torn Ukraine limited gains.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.8 percent at $13.31-3/4 a bushel, as of 0217 GMT, and corn lost 0.4 percent to $5.84 a bushel. Both markets hit their lowest levels since July 6.
Wheat rose 0.8 percent to $8.20-3/4 a bushel.
Demand for US soybeans is falling as bumper crops in South America eat into US export prospects, the US government said on Tuesday.
The US Department of Agriculture (USDA) lowered its outlook for soybean exports by 65 million bushels and its outlook for domestic crush by 10 million bushels in its monthly World Agricultural Supply and Demand Estimates report. – Reuters
