CANBERRA- Chicago soybean futures fell on Thursday and hovered just above three-year lows as the ongoing harvest in top producer Brazil poured cheap beans into an already well-supplied market.
Corn futures rose — their fifth straight daily gain from a three-year low last week — but analysts say this is largely due to short-covering by speculative investors and plentiful supply will continue to pressure prices.
Wheat also moved higher despite forecasts for large Russian production that are keeping a lid on gains.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.4 percent at $11.40-3/4 a bushel after dropping to $11.34 on Monday and Wednesday, the lowest since November 2020.
“Supplies coming out of South America are pressuring the market,” said Andrew Whitelaw at agricultural consultants Episode 3. “We expect a continued bearish environment.”