Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Soybeans slip to two-week low, corn also weakens

07/26/2021 | 07:19am EDT

* More favourable U.S. weather outlook weighs on soy, corn

* Slowing Chinese demand also contributes to weaker prices

LONDON, July 26 (Reuters) - Chicago soybeans dropped on Monday to their lowest in two weeks while corn slid for a third consecutive session, as forecasts of cooler weather in parts of the U.S. Midwest and slowing demand in top buyer China weighed on prices.

Wheat prices also fell.

Hot, dry weather in the U.S. Midwest had raised concerns about the outlook for crops in the key growing region for both corn and soybeans.

"The prospect of better weather in August, as predicted by various weather models, is causing the U.S. market to decline despite current dry conditions," Agritel said in a note.

"The forecasts have yet to be confirmed in coming weeks, but are pushing some traders to sell off their positions or start taking profits," the analyst added.

The most-active soybean contract on the Chicago Board Of Trade (CBOT) was down 1% at $13.38 a bushel, as of 1059 GMT after setting a two-week low of $13.32.

China's soybean imports are set to slow sharply in late 2021 from a record first-half tally, confounding expectations for sustained growth from the top global buyer and denting market sentiment just as U.S. farmers look to sell their new crop.

CBOT corn lost 0.5% to $5.40-1/4 a bushel.

The U.S. Department of Agriculture reported negative net corn export sales for the week ended July 15, driven by the cancellation of some sales to China.

"The market continues to worry about the cancellation of some U.S. corn cargoes to China," Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia said.

Dealers said wheat prices also continued to fall with global supplies seen remaining ample despite concerns about crops in some areas.

CBOT wheat fell 1.7% to $6.72-1/4 a bushel. (Additional reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips and David Evans)


ę Reuters 2021
Latest news "Economy & Forex"
05:05aMIKE FRASER : FTSE Down, Mitie Group's Raised Full-Year Guidance Is Seen Lifting Market Estimates
DJ
05:04aGLOBAL LNG-LNG prices continue to soar as buying ahead of winter starts
RE
05:03aIndonesia says won't approve new palm oil permits after moratorium lapses
RE
05:02aGerman business morale falls as 'bottleneck recession' bites
RE
04:58aEurostoxx 50 : European shares fall on Evergrande fears but hold weekly gains
RE
04:52aCHINA EVERGRANDE : Sterling dips after rally triggered by hawkish BoE
RE
04:52aKakao Pay pushes back planned $1.3 billion IPO to November
RE
04:50aGlobal equity funds see their first outflows in 2021 - BofA
RE
04:46aEuropean stocks slip on Evergrande woes, weak German business morale
RE
04:44aJapan equities shine as foreign investors bet on stimulus, political change
RE
Latest news "Economy & Forex"