SINGAPORE: Chicago soybean futures edged lower on Tuesday as ample global supplies of the oilseed weighed on the market, although a recovery in demand for US shipments limited the downside.

Wheat fell almost 1% on improved weather outlook in Russia and the US, while corn slid.

The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.3% to $9.77-3/4 a bushel, as of 0421 GMT.

Wheat lost 0.9% to $5.67 a bushel and corn eased 0.2% to $4.08-1/2 a bushel.

Hefty global soybean supplies amid a rapid pace of US harvest are limiting the upside potential in prices.

The US soybean harvest was 81% complete as of Sunday, the fastest pace seen since 2010, according to a weekly crop progress report from the US Department of Agriculture (USDA).

It also reported that the corn harvest was 65% complete, ahead of the five-year average of 52%.

The weekly pace was above analyst expectations of 63%, according to a Reuters poll of 12 analysts.

The market firmed on Monday as a rebound in demand for US products underpinned prices. The USDA confirmed a total of 380,000 metric tons of US soybean sales for shipment to undisclosed buyers.

The agency also confirmed 500,000 tons of corn sold to Mexico, South Korea and other undisclosed destinations for the 2024/25 marketing year.

Brazil’s soybean planting for the 2024/25 season had reached 18% of the total expected area as of last Thursday, agribusiness consultancy AgRural said on Monday, up from 8% the week before but still below last year’s 30%.

Brazil’s 2024/25 soybean planting 18pc done, AgRural says

For wheat, rain over parched wheat areas in southern Russia and the central US eased some concerns over dryness, but drought remains a pressing concern.

Russian wheat export prices rose last week, in line with the new indicative prices for Russian wheat published for the first time, while export volumes remain high, with analysts expecting record shipments in October.

Russia’s Grain Exporters Union started publishing indicative export prices for Russian wheat last week.

It said that the export price for wheat with 12.5% protein content FOB should be $240 per ton for October, $245 for November, and $250 for December.

Commodity funds were net buyers of CBOT corn, soybean, soymeal, soyoil and wheat futures contracts on Monday, traders said.