SINGAPORE- Chicago soybean futures lost ground on Wednesday, snapping a six-session winning streak, as concerns over Chinese demand and expectations of a record Brazilian crop weighed on the market.
Wheat slid as US supplies continue to face stiff competition in the international market despite a bullish outlook by the US Department of Agriculture (USDA).
The most-active soybean contract on the Chicago Board of Trade was down 0.2 percent to $8.99-1/4 a bushel, having firmed 0.4 percent on Tuesday.
Wheat lost 0.2 percent to $5.22-1/2 a bushel, having closed up 0.2 percent on Tuesday.
Corn gave up 0.2 percent to $3.76-1/4 a bushel, having gained 0.3 percent in the previous session.
“Soybeans are coming off a bit. Even if a trade deal is reached between Washington and Beijing, Chinese demand for beans in the near term will be impacted by the swine fever,” said Phin Ziebell, agribusiness economist at National Australia Bank.
“Brazilian crop is looking good.”
China’s African swine fever outbreak is far more severe than previously thought and the full impact of the disease on animal feed producers has yet to be realized, US agribusiness company Archer Daniels Midland Co said last month.
Millions of pigs have died from or been culled to control the disease in China and other Asian countries, such as Vietnam.
Soybeans are crushed to make soymeal, a key animal feed ingredient. – Reuters