US wheat futures slid for a second session on Tuesday to the lowest in 10 months as cheaper exports from producers including Russia weighed on demand for US supplies. Soyabeans also fell, giving up last session's gains, as a rapidly advancing harvest in top exporter Brazil boosted global supplies. Wheat is under pressure from stiff global competition as well as technical selling that took prices to contract lows for a second straight session.
Condition ratings for winter wheat declined from late November to late February across much of the US Plains, the US Department of Agriculture said on Monday.
The May wheat contract on the Chicago Board of Trade was down 5 cents at $4.67-3/4 a bushel by 11:31 a.m. CST (1731 GMT). It dropped to its lowest since April 17 at $4.66 a bushel. Corn slid 3-1/2 cents to $3.76-1/2 a bushel.
Soyabeans fell 11-1/4 cents to $9.13-3/4 a bushel, having firmed 0.2 percent on Monday.
Soyabeans dropped as investors waited for signs of Chinese buying. China committed to buy an additional 10 million tonnes of US soyabeans in a meeting on Friday, US Agriculture Secretary Sonny Perdue said on Twitter.
Soyabeans drew support on Monday after US President Donald Trump said he may soon sign a deal with China, but offered few details.
The USDA confirmed on Tuesday sales of 120,000 tonnes of US soyabeans to Mexico for shipment in the current and next marketing years.
The global market remains amply supplied with beans.
Brazilian soyabean farmers have harvested about 45 percent of fields so far in the 2018/19 season as the work is progressing quickly in top-producing state Mato Grosso, consultancy AgRural said in a statement on Monday.
Harvesting of Brazil's soyabean fields is 20 percentage points above last year's levels and significantly above a five-year average of 27 percent of planted area. Farmers in Mato Grosso have harvested about 80 percent of fields, AgRural said.
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