SINGAPORE- Chicago soybeans lost more ground on Wednesday, falling to their lowest in four years as expectations of a record US harvest and lacklustre demand from top importer China pressured prices.
Wheat slid amid plentiful Black Sea supplies, while corn fell for a second session.
“There is too much supply and buyers are not active,” said one grains trader in Singapore.
“US weather has been pretty favorable for crops.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) gave up 0.2 percent to $9.61-1/4 a bushel, having dropped earlier in the session to its lowest since September 2020 at $9.55-1/4.
Wheat slid 0.5 percent to $5.26 a bushel and corn fell 0.3 percent to $3.96-1/4 a bushel.
The US Department of Agriculture (USDA) raised its estimates for corn and soybean production in its monthly supply-demand report. It put its soybean crop projection at a record level.
The estimates of higher US output come at a time when China is reducing purchases amid a glut of supplies from Latin America.
