SINGAPORE- Chicago wheat dropped for a second session on Tuesday, falling more than 1 percent as concerns over world supplies eased after a US government report showed the winter crop remained healthy despite dry weather conditions.
Soybeans lost more ground, while corn fell after closing marginally higher on Monday.
“For US wheat, it’s mainly hard red winter wheat-growing region in Kansas which has been a bit dry in recent weeks, but it’s still too early to draw any conclusions,” said one Singapore-based trader. “If it doesn’t rain for another month, then we might have a problem.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 1.2 percent at $5.59 a bushel. Soybeans gave up 0.1 percent to $11.80-1/2 a bushel and corn slid 0.2 percent to $4.34-1/2 a bushel.
The amount of US winter wheat rated “good or excellent” by the US Department of Agriculture (USDA) held steady from last week despite concerns over drier weather and wind, data showed on Monday.
