Corn also eased.
The most-active soybean contract Sv1 on the Chicago Board of Trade (CBOT) was down 0.6 per cent to $10.34-3/4 a bushel as of 1100 GMT after hitting $10.31-3/4, its lowest level since Oct. 12, 2020.
Wheat added 0.1 per cent to $5.39-1/2, having hit $5.25 a bushel on Tuesday, its lowest level since March 11. Corn lost 0.6 per cent to $4.09-1/4 a bushel.
Analysts believe that US soybean crops benefited last week from the remnants of Hurricane Beryl, which brought showers to dry areas of the eastern Midwest crop belt. More rain fell over the weekend, and forecasts called for milder temperatures this week after a spell of hot weather.
Soybean prices faced additional pressure from a smaller-than-expected U.S. crushing pace in June, based on data by the National Oilseed Processors Association (NOPA) this week.
The wheat market is rebounding amid a flurry of global export deals, notably from Algeria's state grains agency which bought about 700,000 to 750,000 metric tons of milling wheat in an international tender.
Egypt's state buyer booked 770,000 tons of mostly Russian wheat on Tuesday in its biggest single purchase since 2022.
Ukraine's grain exports in the 2024/25 July-June season rose to almost 2 million tons by July 17 from 1.3 million tons at the same date a season earlier, agriculture ministry data showed on Wednesday.
Germany's 2024 wheat crop will fall 6.2% on the year to 20.2 million tons, the country's association of farm cooperatives said in its latest harvest estimate on Wednesday, maintaining its forecast for a reduced crop this summer.
Commodity funds were net buyers of CBOT wheat, corn and soymeal futures contracts on Wednesday, net sellers of soyoil futures and net even in soybeans, traders said.
Soybeans hit new four-year low, wheat up
FE Team | Published: July 25, 2024 20:06:22
Soybeans hit new four-year low, wheat up
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