CANBERRA: Chicago soyabean and corn futures steadied on Tuesday after falling oil prices and improved crop conditions in major producer Brazil dragged them to multi-year lows in the previous trading session.
Wheat futures also rose slightly after a sharp drop on Monday. The most-active soyabean contract on the Chicago Board of Trade (CBOT) was up 0.3% at $12.49-3/4 a bushel by 0333 GMT after slumping to $12.36 on Monday, its lowest since December 2021.
CBOT corn dipped 0.1% to $4.54-3/4 a bushel after reaching $4.52 on Monday, the lowest since December 2020. Wheat was up 0.4% at $5.98-3/4 a bushel. It fell 3.2% on Monday but remains above September’s three-year low of $5.40.
Oil prices fell 3.4% on Monday, dragging down corn and soyabeans that are used to make ethanol and biofuels and weighing on wider grain markets. Crude rose by around 0.5% on Tuesday.
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