Soybeans set another four-year low while corn and wheat ease

Reuters

Soybeans set another four-year low while corn and wheat ease

2024 8월 13 일, 오전 10:39 GMT

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Soybeans dented by record crop forecast and steady rating

Corn prices fall after bounce, wheat down for second session

Updates at 1025 GMT, changes byline/dateline

By Gus Trompiz and Naveen Thukral

PARIS/SINGAPORE, Aug 13 (Reuters) -Chicago soybeans lost more ground on Tuesday, setting another four-year low after government data reinforced the prospect of a bumper U.S. harvest.

Corn edged lower, giving up some of Monday's gains as a better than expected rating of U.S. crops tempered support from a surprise downward revision to projected U.S. corn stocks.

Wheat also eased against a backdrop of competition from cheaper Black Sea supplies and after a modest purchase by Egypt in a huge import tender.

In a closely watched supply and demand report on Monday, the U.S. Department of Agriculture (USDA) raised its estimates for corn and soybean production from a month earlier, putting its soybean crop projection at a record level.

The agency also raised its outlook for soybean stocks, though it trimmed its corn stocks forecasts as it increased its projection for exports.

A separate USDA report issued later in the day kept the focus on strong harvest prospects as the agency left its weekly ratings for corn and soybean crop conditions unchanged, contrary to market expectations of a slight decline.

"The USDA (supply and demand) report was bearish for soybeans but quite supportive for corn," commodity data platform CM Navigator said in a note.

"Overnight, the U.S. weekly conditions report confirmed the positive USDA outlook for US corn and soybean crops."

The most active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 1.5% at $9.71-1/4 a bushel by 1025 GMT.

It earlier fell to $9.68 for its lowest since early September 2020 and below a previous four-year low set on Monday when the benchmark breached the $10 price floor.

CBOT corn Cv1 gave up 0.5% to $3.99-1/2 a bushel after rebounding on Monday from a multi-year low below the psychological $4 threshold.

CBOT wheat Wv1 was 1% down at $5.31-1/2 a bushel, falling for a second session.

The corn and soybean markets will receive another supply pointer on Tuesday as Brazilian agency Conab issues monthly crop forecasts for the major exporter.

Egypt's state grains buyer said it bought 280,000 metric tons of wheat in a tender on Monday, falling well short of its target of 3.8 million tons.

Even before the purchase was announced, wheat futures had been pressured by price offers reported by traders, emphasising the price advantage of Russian and Ukrainian wheat.

Prices at 1025 GMT
	Last	Change	Pct Move
CBOT wheat Wv1	531.50	-5.25	-0.98
CBOT corn Cv1	399.50	-2.00	-0.50
CBOT soy Sv1	971.25	-14.75	-1.50
Paris wheat BL2U4	213.00	-1.50	-0.70
Paris maize EMAc1	202.75	0.00	0.00
Paris rapeseed COMc1	456.00	-4.00	-0.87
WTI crude oil CLc1	80.04	-0.02	-0.02
Euro/dlr EUR=	1.09	0.00	-0.08
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton