SINGAPORE- Chicago wheat futures on Wednesday slipped from their five-year high hit in the last session, but losses were limited by concerns over dry weather in key exporting nations.
Soybeans slid after climbing to their highest in nearly 2-1/2 years due to lack of moisture during the planting season in Brazil.
“The weather for 2021 Black Sea and US Hard Red Winter wheat crops continues to bolster the market,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. “Forecasters continue to expect little rain in the dry parts of both crop regions.”
The most-active wheat contract on the Chicago Board Of Trade (CBOT) was down 0.3 percent at $5.91 a bushel, having hit a 2015 high of $6.01-3/4 a bushel on Tuesday.
Soybeans fell 0.3 percent to $10.41-1/4 a bushel, having firmed 2.2 percent in the last session when prices climbed to $10.53-3/4 a bushel, their highest since May 2018.
Corn was up 0.1 percent at $3.85-1/4, having risen to an eight-month high on Tuesday.
The dry conditions in South America could boost already-robust demand for US supplies as farmers in Brazil struggle to plant soybeans in the parched soils.
A lack of rain in the coming days should further delay Brazil’s planting, consulting firm AgRural said on Monday.
The US soybean harvest was 38 percent complete as of Sunday, the US Department of Agriculture said in a weekly crop progress report on Monday, ahead of the five-year average of 28 percent and the average estimate in a Reuters analyst poll of 36 percent.