CANBERRA- Chicago soybean and corn futures edged lower on Tuesday, hovering near four-year lows as traders waited to see if a widely followed crop tour this week will support expectations of bumper US production.
Wheat futures also slipped as large Black Sea crops and an improvement in the condition of US wheat maintained expectations of ample supply despite poor French and German harvests.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.2 percent at $9.74 a bushel, while CBOT corn fell 0.1 percent to $3.99-3/4 a bushel and wheat dipped 0.2 percent to $5.51 a bushel.
All three contracts have slipped to their lowest levels since 2020 in recent weeks – $9.55 for soybeans, $3.90 for corn and $5.14 for wheat.
Soy and corn are likely to fall further as the United States gears up for harvest in the coming weeks, said Ole Houe at IKON Commodities in Sydney.
“There’s a lot to sell in a short space of time,” he said, adding that much would depend on whether China, whose economy and demand for US soy have been lacklustre, will buy US corn and soy in bulk.
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