SINGAPORE- Chicago soybean futures slid 1.4 percent on Wednesday to their lowest in more than one week as rains across South America lifted crop prospects, boosting expectations of improved world supplies.
Wheat and corn prices fell.
“Soybean prices have rallied on the back of Chinese demand but the market is coming down due to South American weather,” said one trader at a leading Singapore-based company, which supplies the oilseed to China.
The Chicago Board of Trade (CBOT) most-active soybean contract fell 1.6 percent to $13.63-1/2 a bushel, having dropped to lowest since Jan. 11 at $13.57 a bushel earlier in the session. The market is on track for a third straight session of fall.
Wheat fell 0.9 percent to $6.66-1/2 a bushel and corn lost 0.6 percent to $5.22-3/4 a bushel.
Rains across much of Brazil’s growing regions bolstered parched crops, as the country slowly begins its soybean harvest, which could ease supply worries.
Ukrainian grain traders said on Tuesday they saw no grounds to restrict corn exports for the 2020/21 season, a move requested by animal feed and meat producers to avoid higher feed prices.
Ukraine’s economy ministry and agricultural unions will decide on Jan. 25 whether to limit corn exports for the 2020/21 marketing season to 22 million tons.