US corn and wheat futures fell to life-of-contract lows on Monday, anchored by plentiful global grain supplies, and soyabeans sagged as forecasts called for beneficial grains in Argentina, analysts said. At 12:47 p.m. CST (1827 GMT), Chicago Board of Trade March corn was down 3-1/4 cents at $3.49-1/2 per bushel after hitting a contract low at $3.48-1/4.
CBOT March wheat was off 6-3/4 cents at $4.12-1/4 a bushel after dipping to $4.10-3/4, the lowest price for a most-active contract since Jan. 4. January soyabeans fell 7 cents at $9.82-3/4 a bushel.
Wheat posted the biggest decline in percentage terms, pressured by bumper global inventories. A higher-than-expected official estimate of Canadian output last week added to bearish sentiment, offsetting doubts over the weather-hit Australian harvest. The CBOT March wheat contract was on track for its sixth straight lower close and had a knock-on effect on corn futures. "Continual contract lows in wheat are not good news for corn," said Ted Seifried, chief market strategist with Zaner Ag Hedge.
Soyabeans declined on light weekend rains in crop areas of Argentina and forecasts for more moisture next week, which eased worries about dryness stressing crops in the South American country. Argentina is a major soyabean producer and the world's top exporter of soyameal and soyaoil. "Light showers favored Cordoba and north-western Santa Fe over the weekend, but amounts were too light to significantly improve soil moisture," MDA Weather Services said in a note to clients. Additional pressure stemmed from the slow pace of US soyabean exports despite a record-large harvest this autumn. Export bookings of US soyabeans are running behind the year-ago pace, while the US Department of Agriculture has projected a year-on-year increase for the 2017/18 marketing year that began Sept. 1. The USDA could revise its soya export forecast as soon as Tuesday, when it is set to release the monthly supply/demand report.
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