Soybeans extend decline, wheat drops

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    SINGAPORE- Chicago soybean futures lost more ground on Wednesday, with prices weighed down by data showing lower processing in the United States and forecasts of crop-friendly harvest weather in the Midwest.

    Corn slid around half a percent, while wheat dropped for a second session.

    “Volumes from US harvest are going start climbing, which is bearish signal for prices,” said Phin Ziebell, agribusiness economist at National Australia Bank. “As far as Chinese buying is concerned, there is uncertainty, we are not sure if it will continue to taking such large quantities.”

    The most-active soybean contract on the Chicago Board of Trade was down 0.2 percent at $9.89-3/4 a bushel, as of 0226 GMT, having lost 0.8 percent in the previous session.

    Corn futures gave up 0.5 percent to $3.64-1/4 a bushel and wheat slid 0.5 percent to $5.35-3/4 a bushel.

    Industry data showing a lighter-than-expected US soybean-crushing pace added to bearish sentiment. The National Oilseed Processors Association said its members, which handle about 95 percent of all soybeans crushed in the United States, processed 165.055 million bushels of the oilseed in August, a nine-month low that fell below the average trade estimate of 169.5 million.