SINGAPORE, Jan 8 (Reuters): Chicago soybeans hit their lowest in almost three months on Monday following falls last week, with crop-friendly rain improving harvest prospects in top exporter Brazil.
Corn fell as Brazil's crop is also expected to benefit from rain. Wheat dropped on poor US export prospects.
Chicago Board of Trade most active soybeans fell 0.4 per cent to $12.51 a bushel at 1214 GMT after earlier on Monday hitting $12.50-1/2 a bushel, their lowest since October 12.
Corn fell 0.05 per cent to $4.60-1/2 a bushel, again touching contract lows of $4.20 hit on Friday. Wheat fell 1.7 per cent to $6.05-1/4 a bushel.
Rain has reduced concerns about soybean crop losses in Brazil with more rain forecast in Brazil this week.
"Soybeans and corn are being weakened by forecasts of more rain in Brazil," said Matt Ammermann, StoneX commodity risk manager. "After dryness in Brazil in November and December, Brazil's crop weather is improving and the debate will be about how much larger the crop will be."
Soybeans, corn fall on more rain forecast in Brazil
FE Team | Published: January 09, 2024 00:49:22
Soybeans, corn fall on more rain forecast in Brazil
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