SINGAPORE- Chicago soybeans edged lower on Tuesday, surrendering some of the previous session’s gains that drove prices to the highest in seven weeks on concerns over US yields and Brazilian weather.
Wheat and corn prices eased after closing higher on Monday.
“There is some weather concerns in Brazil but it might be too early as much of the planting is in October,” said one oilseed trader in Singapore.
The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.5 percent to $10.33-3/4 a bushel after climbing on Monday to $10.42 a bushel – the highest since Aug. 5.
Wheat lost 0.6 percent to $5.79 a bushel and corn dipped 0.4 percent to $4.12 a bushel.
The soybean market rallied about 2.7 percent on Monday on worries over crop weather in the world’s top supplier Brazil and yields from harvest in the second-largest exporter US
With the US harvest underway, market players await more harvested yield data to determine whether a hot and dry finish to the Midwest growing season impacted yields.
The US Department of Agriculture (USDA) kept its national soybean yield estimate unchanged this month at a record 53.2 bushels per acre.
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