Soybeans, corn, wheat decline
Tuesday, 29 October 2024
SINGAPORE/HAMBURG, Oct 28 (Reuters): Chicago soybeans and corn fell again on Monday as pressure from mounting supplies including an expanding US harvest weighed on the market amid uncertainty over the outcome of the US election.
Wheat touched its lowest since mid-September on improved weather in the US Plains and expectations of bumper southern hemisphere supplies.
"There was some support from strong demand last week, but we have plenty of corn and soybeans around the world and the US harvest is adding to those supplies," one Singapore-based trader said. "Also, South American weather is conducive for plantings."
Chicago Board of Trade most-active soybeans fell 0.5 per cent to $9.91-3/4 a bushel at 1041 GMT, and corn fell 0.2 per cent to $4.14-1/4 a bushel.
Wheat dropped 0.1 per cent to $5.68-1/4 a bushel.
Hefty soybean and corn supplies from rapidly progressing US harvest are providing headwinds to prices.