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Soybeans at 3-month low

October 04, 2023 00:00:00


PARIS/CANBERRA, Oct 3 (Reuters): Chicago soybean futures fell on Tuesday to a new three-month low as improving signs for the US harvest and a brisk start to planting in Brazil created supply pressure.

Corn ticked lower as the US harvest also curbed prices, while wheat edged up as it recovered further from Friday's plunge to a three-year low.

Most-active Chicago Board of Trade (CBOT) soybeans were 0.8 per cent down at $12.66-1/2 a bushel by 1208 GMT. It earlier reached its weakest since June 29 at $12.63-1/4, slightly below a previous three-month low.

CBOT corn eased 0.2 per cent to $4.87-3/4 a bushel, while wheat added 1 per cent to $5.70-1/2 a bushel.

A firmer dollar and weaker crude oil weighed on grain markets, curbing impetus from start-of-month buying that had supported futures on Monday, analysts said.

The US Department of Agriculture's (USDA) figures showed corn crop ratings were unchanged while the harvest was ahead of the five-year average pace.

Soybeans had already faced supply pressure on Friday when the USDA pegged U.S. supplies above market expectations in a separate stocks report.


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