SINGAPORE- Chicago wheat lost more ground on Monday, with prices dropping to their lowest levels in three-and-half months, as pressure from freshly-harvested crops in the United States and Russia dragged down the market.
Soybeans dropped to their lowest levels in four years, while corn fell on expectations ample global supplies.
“US wheat harvest in nearly done and Russian weather is good for harvest to progress,” said one Singapore-based trader. “We have seen pretty big drop in prices as supplies are rising.”
The most-active wheat contract in the Chicago Board of Trade (CBOT) lost 1.3 percent to $5.43-3/4 a bushel, after dropping to its lowest since April 3 at $5.41-3/4 a bushel earlier in the session.
Corn gave up 0.8 percent to $4.11-1/2 a bushel and soybeans slid 1.1 percent to $10.53-1/2 a bushel, after falling to their lowest since 2020 at $10.52 a bushel earlier on Monday.
Wheat prices have been weighed down by warm and dry weather, which is boosting harvest in key Northern Hemisphere suppliers.
The US Department of Agriculture (USDA) on Friday raised its estimate for corn production and cut the soybean production forecast, adjusting its estimates in line with the amount of acres planted with each crop.
