US soyabean futures weakened on Wednesday, with prospects for bumper harvests in South America and record US plantings weighing on the beaten-down market, traders said. Corn and wheat futures also fell. The outlook for rain in the US Plains kept a bearish tone on the wheat market, which touched its lowest level since February 7. Corn remained under pressure from beneficial crop forecasts for production in Brazil. Corn prices touched a seven-week low.
But the declines in all three commodities were kept in check as traders said recent weakness has left the markets oversold. Bargain buyers stepped in to support prices at session lows. Brokerage INTL FCStone forecast that US farmers would plant a record 87.3 million acres of soyabeans this spring, up from 83.4 million acres a year ago. INTL FCStone forecast corn acreage at 91.6 million acres. At 9:50 am CDT (1450 GMT), Chicago Board of Trade May soyabean futures were down 4 cents at $9.97-1/2 a bushel, on track for their 11th decline in 13 sessions.
Demand worries were also in focus. Negative crush margins in China were seen indicating there could be a slowdown in purchases from the world's biggest importer of the beans. Crush margin for imported soyabeans in Shandong province slid to negative 121 yuan after remaining in positive territory between September and February. CBOT May soft red winter wheat was off 1 cent at $4.25-1/2 a bushel. CBOT May corn futures were 1 cent lower at $3.60-1/4 a bushel.