SINGAPORE- Chicago soybeans lost more ground on Wednesday, trading close to a three-week low hit in the last session, while corn eased with both markets under pressure after a US government report showed crops suffered less-than-expected damage.
Wheat futures eased after closing higher on Tuesday on tightening global supplies.
“There are no major new supply concerns for corn and soybeans globally at the moment but markets will be very closely eyeing US crop yields as they come in,” said Rabobank analyst Dennis Voznesenski.
“CBOT corn price descent may be coming to an end soon, particularly when considering production costs.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 0.2 percent to $13.43-1/2 a bushel, not far from a three-week low of $13.40-3/4 hit on Tuesday.
Corn gave up 0.1 percent to $4.76 a bushel after hitting $4.74 on Tuesday, equaling last month’s 32-month low, while wheat fell 0.3 percent to $5.86 a bushel.
