SINGAPORE- Chicago soybean futures dipped on Wednesday as a fast pace of planting across the US Midwest and slowing imports by top buyer China kept a lid on the market.
Wheat edged higher after closing sharply lower on Tuesday amid growing uncertainty over the extension of a Black Sea export deal, which allows Ukraine to ship grains despite war with Russia.
“Planting progress is ahead of schedule and the weather forecast also carries a bearish tilt,” commodities research firm Hightower said in a report, referring to the soybean market.
The most-active soybean contract on the Chicago Board of Trade (CBOT) fell quarter of a cent to $14.14 a bushel and corn added 0.1 percent to $5.85-1/4 a bushel.
Wheat rose quarter of a cent to $6.43-3/4 a bushel.
The US Department of Agriculture (USDA) reported corn and soybean planting progress that topped market expectations, with the pace of soybean seeding the second fastest on record.
Farmers had planted 49 percent of their corn and 35 percent of their intended soybean acreage, the agency said. -Reuters
