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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
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