SINGAPORE- Chicago soybean futures lost ground on Tuesday, with prices dropping for the first time in four sessions, as expectations of an all-time high Brazilian crop and concerns over economic growth in top consumer China weighed on the market.
Wheat fell, while corn slid from a two-week high.
The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 0.7 percent to $15.16-3/4 a bushel. Wheat fell 1 percent to $7.36-1/2 a bushel and corn gave up 0.7 percent to $6.70 a bushel.
Brazilian soybean growers will harvest a record soy crop just below 153 million tons in the 2022/2023 cycle, driven by a rise in planted area and favorable weather in most parts of the country, according to a Reuters poll on Monday.
Many Asia shares slipped after Beijing released weak fourth-quarter economic data, although investors’ expectations for a strong China rebound remained high even as the global economy edges closer to recession. – Reuters
