SINGAPORE- Chicago soybeans and corn futures slid to their lowest in four years on Monday, dropping below $10 and $4 a bushel respectively, ahead of a US supply-demand report that is expected to show bumper production.
Wheat prices slid 1 percent after closing higher on Friday, although losses were limited by expectations of lower output in Russia and France.
“There is a lot of bearishness in corn and soybean markets on expectations of higher US output and overall global supplies,” said one trader in Singapore.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.3 percent at $9.99-1/2 a bushel, while corn gave up 0.3 percent to $3.94 a bushel, both at their weakest levels since late 2020.
The US Department of Agriculture’s (USDA) monthly World Agricultural Supply and Demand Estimates and crop reports are forecast to show higher production, according to a survey of analysts, which would add to large global supplies. The reports are scheduled for release.
Wheat prices fell with the most-active contract down 1 percent at $5.37-1/4 a bushel.
