SINGAPORE- Chicago soybeans slid for the first time in three sessions on Tuesday, with pressure from expectations of a bumper US crop weighing on the market after a US weekly report showed improved crop ratings.
Corn and wheat prices fell amid plentiful global supplies.
“US weather has been largely favorable for crops,” said one grains trader in Singapore. “Buying in the physical market is pretty slow.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 1.3 percent to $10.27-1/2 a bushel. Corn fell 0.9 percent to $4.03-1/4 a bushel and wheat gave up 0.8 percent to $5.35-1/4 a bushel.
Weekly condition ratings for US soybean crop improved, according to a government report issued after the market closed on Monday.
The US Department of Agriculture (USDA) rated 68 percent of the soybean crop in good to excellent condition in its weekly crop progress report, up from 67 percent last week, while 14 analysts surveyed by Reuters on average had expected a drop of 1 percentage point.
The government rated 67 percent of the corn crop as good to excellent, down from 68 percent a week ago and in line with the average analyst estimate.
