SINGAPORE- Chicago wheat slid on Monday, with the market giving up some of last session’s gains, although concerns over dry weather hitting production in key Southern Hemisphere suppliers Australia and Argentina curbed losses.
Corn and soybeans lost ground as prices of both crops remained under pressure from US harvest and South American supplies.
The most-active wheat contract on the Chicago Board of Trade (CBOT) lost 0.4 percent to $5.77 a bushel. Corn fell 0.5 percent to $4.75 a bushel and soybeans were down 0.3 percent at $12.93 a bushel.
Droughts in Argentina and Australia are expected to tighten world wheat supplies later in the season, while the Ukraine war remained a risk to Black Sea trade.
Australia’s wheat production is likely to decline further as hot and dry weather in September, a crucial month for crop development, curbs yields.
Argentina’s sales of the upcoming wheat crop are the slowest in seven years, delayed by farmers waiting for heavier rainfall and gambling on the result of the country’s Oct. 22 presidential election, with some candidates pledging tax cuts on grains exports. -Reuters
