SINGAPORE- Chicago soybean futures dropped on Thursday to their lowest in more than a week after a US government report earlier this week failed to add bullish momentum to prices already hovering near multi-year highs.
Corn slid for a third consecutive session while wheat ticked higher after Wednesday’s drop.
Expectations of an improvement in North American weather weighed on the markets.
“Evidence has been accumulating that the current La Nina is now dissipating faster,” said Tobin Gorey of the Commonwealth Bank of Australia. “That makes a dry planting window in North America considerably less likely.”
The most-active soybean contract on the Chicago Board Of Trade (CBOT) Sv1 lost 0.5 percent to $14.03 a bushel, near the session low of $14.00-3/4 a bushel – the weakest since March 3.
Corn was down 0.1 percent at $5.33-1/4 a bushel, having closed down 2.1 percent in the previous session, and wheat climbed 0.2 percent to $6.53-3/4 a bushel, having closed down 0.6 percent on Wednesday.
Argentina’s Rosario Grains Exchange on Wednesday cut its estimate of the country’s 2020/21 soybean harvest to 45 million tons from 49 million tons previously, citing dry weather.