SINGAPORE- Chicago soybeans fell 1.2 percent on Thursday while corn lost more ground, with both commodities hitting a one-week low as an advancing US harvest boosted supplies, although losses were checked by strong demand from China.
Corn extended declines to a fourth straight session while wheat slid for a second day, dropping 1.1 percent as a stronger dollar made US supplies more expensive for buyers holding other currencies.
“A stronger US dollar is not helping but we also suspect the market is fatigued after such a strong rally from mid-August,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia, referring to soybean prices climbing to their highest since June 2018 last week.
Meanwhile, favorable weather helped the US harvest for corn and soybeans gather pace.
The United States Department of Agriculture (USDA) on Monday said US farmers had completed 6 percent of the soybean harvest and that the corn harvest was 8 percent complete.
The most-active soybean contract on the Chicago Board Of Trade (CBOT) slid 1.2 percent to $10.02-3/4 a bushel, the lowest since Sept. 16, while corn fell 0.9 percent to $3.65-1/4 a bushel and wheat was down 1.1 percent at $5.42-3/4 a bushel. — Reuters