SINGAPORE- Chicago wheat futures slid for the first time in five sessions on Tuesday, with the improved condition of the US winter crop boosting the 2024 supply outlook and adding pressure on prices.
Soybeans ticked up, trading close to last session’s eight-week high, on weather concerns in top exporter Brazil that has delayed planting and strong Chinese demand.
The Chicago Board of Trade’s (CBOT) most-active wheat contract fell 0.8 percent to $5.71 a bushel. Soybeans added quarter of a cent to $13.64-1/4 a bushel, while corn gave up 0.5 percent to $4.75 a bushel.
The US Department of Agriculture (USDA) on Monday rated 50 percent of the US winter wheat crop in good-to-excellent condition, up three percentage points from the previous week and the highest for this time of year since 2019 as soil moisture improved in the Plains following a three-year drought.
The market is monitoring uneven crop weather in Brazil, where soybean planting has been delayed. Dryness is a concern in the leading soy-producing state Mato Grosso, while heavy downpours have soaked southern areas. – Reuters