Chicago Board of Trade May soyabean futures fell to their lowest level in a year on Tuesday, pressured by expectations for record-large US plantings and a massive South American harvest, analysts said. Chicago Board of Trade corn futures fell about 1 percent on profit-taking a day after reaching a three-week top, while wheat futures were narrowly mixed.
As of 12:51 pm CDT (1751 GMT), CBOT May soyabeans were down 1/4 cent at $9.38 per bushel after dipping to $9.36-1/2, the contract's lowest since April 8, 2016. New-crop November soyabeans hit a 5-1/2 month low of $9.48-1/2. CBOT May corn was down 4 cents at $3.63-3/4 a bushel and CBOT May wheat was down 1/2 cent at $4.27-1/4 a bushel. Front-month May soyabeans slipped just below Monday's multi-month low of $9.37-1/4, but traders appeared reluctant to press the market much farther.
Broker and consultancy INTL FCStone raised its projection for the Brazilian crop to 111.6 million tonnes, from 109.07 million previously. Wheat was choppy, with CBOT soft red winter wheat futures losing ground to K.C. hard red winter wheat on inter-market spreads. After the close on Monday, the USDA rated 51 percent of the US winter wheat crop as good to excellent, compared with 59 percent a year earlier.