CANBERRA- Chicago soybean futures fell to a three-year low on Wednesday due to plentiful supply and a strengthening US dollar that made US agricultural products less attractive to importers.
Corn futures also dipped to a three-year low, with the market well-supplied by a record US crop, while wheat dropped by more than 2 percent amid pressure from declining Russian export prices.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.8 percent at $11.76-3/4 a bushel after touching $11.76, the lowest since December 2020.
CBOT corn fell 0.6 percent to $4.28 a bushel, matching a three-year low reached several times in recent days.
Wheat slid 2.3 percent to $5.84 a bushel, its lowest level in a month and slipping back towards last September’s three-year low of $5.40.
The US dollar shot to a three-month high against a basket of major currencies on Tuesday after data revealed higher-than-expected US inflation in January.
“The dollar index has risen dramatically, causing US -origin grains and oilseeds to look expensive,” said Andrew Whitelaw at agricultural consultants Episode 3.
