Soybeans and corn slip on plentiful supply outlook
CANBERRA, July 25 (Reuters) -Chicago soybeans and corn fell on Thursday, as expectations of plentiful global supply outweighed fears that a hot, dry spell forecast in parts of North America could trim production.
Wheat futures inched higher.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.3% at $10.61 a bushel, as of 0039 GMT, after rising to a two-week high of $10.87 on Tuesday.
* CBOT corn Cv1 slipped 0.2% to $4.17 a bushel, after touching a two-week high of $4.23-3/4 on Wednesday.
* Wheat Wv1 rose 0.1% to $5.47-1/2 a bushel.
* All three contracts were near their lowest levels since 2020, and speculators are betting heavily on further price falls amid ample supplies.
* Forecasts for a hot, dry spell in parts of the U.S. Midwest triggered some short-covering earlier in the week, analysts said.
* Consultant ASAP Agri cut its forecast for 2024 Ukrainian corn harvest by 5 million metric tons to 24.1 million tons on Wednesday, following a heat wave.
* But the most recent U.S. soy and corn crop ratings are the highest for this time of year since 2020. Markets are flush with South American soy and corn, and Chinese soybean demand is expected to be weak.
* China said on Wednesday its soybean self-sufficiency rate has increased by nearly 4 percentage points in two years.
* Northern hemisphere wheat harvests are meanwhile pumping new supply into the world, and consultant Sovecon slightly raised its forecast for 2024 wheat production in Russia, the top exporter.
* Commodity funds were net buyers of CBOT corn and wheat on Wednesday and net sellers of soybeans, traders said.
MARKETS NEWS
* Stocks sagged worldwide on Wednesday as earnings from Tesla and European luxury brands disappointed, while oil prices edged higher after trading near-six week lows due to concerns over weak global demand. MKTS/GLOB
Reporting by Peter Hobson; Editing by Subhranshu Sahu
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