SINGAPORE- Chicago soybean futures slid for a third consecutive session on Wednesday, as US harvest was expected to gather pace on the back of dry weather in the weeks ahead, boosting global supplies.
Wheat lost ground after closing higher on Tuesday although strong global demand is likely to keep a floor under the market.
“US harvest is gathering pace but prices are unlikely to decline much as Chinese demand is pretty strong for soybeans and corn,” said one Singapore-based grains trader. “Even for wheat, prices of Black Sea wheat being offered in Asia have risen and we don’t see a big drop from wheat is being offered now.”
The most-active soybean contract on the Chicago Board Of Trade (CBOT) fell 0.2 percent to $10.17-1/2 a bushel.
Corn was down 0.3 percent at $3.68 a bushel and wheat gave up 0.4 percent to $5,56 a bushel.
The US Department of Agriculture (USDA) said late on Monday that farmers had completed 6 percent of the soybean harvest and that the corn harvest was 8 percent done.
Forecasts called for harvest-friendly weather over the next two weeks.
The USDA confirmed sales of 266,000 tons of US soybeans to China and 264,000 tons to unknown destinations, marking the 13th consecutive business day of sales to China.