SINGAPORE- Chicago soybean futures lost more ground on Wednesday as early promising results from a US crop tour eased some of the earlier supply concerns over dry weather conditions.
Wheat ticked higher amid strong global demand and an unexpected decline in US spring wheat conditions.
“Reports from the Pro Farmer Midwest crop tour for corn and soybean look promising,” ING said in a note.
Nebraska corn yield prospects and soybean pod counts are higher than last year, but below their three-year averages, scouts on an annual tour of top US production states found on Tuesday.
Indiana corn yield prospects are higher than last year, but below the three-year average, while soybean crop potential in the state is the strongest in five years, scouts on an annual tour of top US production states found on Tuesday.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.1 percent at $13.45 a bushel. Corn added 0.3 percent to $4.80-3/4 a bushel and wheat rose 0.4 percent to $6.30 a bushel.
The US Department of Agriculture’s crop ratings, released after Monday’s close, fell below expectations.
