SINGAPORE: Chicago soybeans fell to more than three-week lows on Monday as rain in parts of Brazil’s oilseed producing areas eased crop concerns, even as leading consultants reduced their output forecasts.

Wheat firmed, recouping some of last session’s losses, while corn was largely unchanged. “There have been some rains in Brazil and forecasters are looking at more wet weather,” said one Singapore-based trader at an international trading company. “And Argentina’s output is going to rebound, so overall we expect ample supplies from South America in 2024.” The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 0.4% to $13.26 a bushel, as of 0345 GMT, after sliding to its lowest since Nov. 2 at $13.24 a bushel earlier in the session.

Wheat rose 0.5% to $5.80 a bushel, while corn gained 0.1% to $4.63-1/2 a bushel. Rains in Brazil’s key soybean growing areas have reduced early crop damage risks.

However, agribusiness consultancies Safras & Mercado and hEDGEpoint on Friday reduced their estimates for Brazil’s 2023/24 soybean crop, as consensus grew that bad weather will hamper output in the world’s largest producer and exporter.

Safras said it now forecasts production this season to total 161.38 million metric tons, down from the 163.25 million tons it estimated before, while hEDGEpoint cut its projection to 160.1 million tons from 162.3 million tons.

In Argentina, the first sprouts of the 2023/24 soybean crop appeared in good shape after rains. The US Department of Agriculture reported exporters sold 129,000 tons of US soybeans to China and another 323,400 tons of US soybeans to unknown buyers.