CANBERRA: Chicago soybean futures fell for a third session on Wednesday, slipping further from Monday’s seven-week high amid strong supply from South America and as tariffs strangle Chinese demand for US beans.
Corn and wheat futures also fell despite a renewed weakening of the US dollar making US exports more competitive. The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.5% at $10.31 a bushel at 0518 GMT after moving as high as $10.49-1/2 on Monday. CBOT July corn fell 0.3% to $4.88 a bushel and July wheat was down 0.5% at $5.53 a bushel.
The dollar index was down 0.5%, reversing some of Tuesday’s gains and moving back towards three-year lows reached after US President Donald Trump unleashed his tariff policies. China, by far the biggest buyer of US soybeans and a smaller buyer of US corn and wheat, has imposed counter-tariffs on the United States that effectively prohibit crop imports.—put.
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