CHICAGO: Chicago soybean prices plunged on Monday to the lowest since October 2020, as forecasts for rain in the US crop belt alleviated concerns over the potential impact on crop yields from hot and dry weather.

Corn hovered around steady, while wheat gained strength on export demand, said analysts.

The most-active soybean contract on the Chicago Board of Trade (CBOT) settled down 9 cents at $10.39-1/2 a bushel.

CBOT corn ended up 2-1/4 cents to $4.12-1/4 a bushel. Meanwhile, data released by the US Department of Agriculture after the close of the session showed US corn conditions improving, while ratings for the nation’s soy, winter wheat and spring wheat fell.

The market had initially anticipated extreme heat and dryness over the US Midwest to reduce corn and soybean crop production but recent weather forecasts indicated that the hot and dry weather would be temporary, analysts said.