Chicago Board of Trade soybean futures fell to a 2020 low on Wednesday, while corn hovered near a four-year low as favorable U.S. crop conditions kept a lid on prices.
Soybean and corn futures at the Chicago Board of Trade fell to fresh contract lows in early July, as relatively favourable growing conditions and bearish technical signals weighed on values.
Chicago wheat and corn futures ticked higher on Tuesday after sharp declines on Monday, while most-active soybean futures closed at their lowest point in nearly four years, as expectations of ample supplies from northern hemisphere harvests hung over the market.
Chicago Board of Trade soybeans and corn futures on Monday dropped to around the lowest prices in four years, as traders expected a positive picture of U.S. crop progress from the U.S. Department of Agriculture (USDA) in a report due later in the day.
Chicago Board of Trade wheat futures spiked on Friday amid an uptick in demand for U.S. wheat due to a weaker dollar and the availability of desirable new-crop wheat, traders said.
Chicago Board of Trade soybean futures rose on short covering on Wednesday after nearing a four-year low this week on concerns about large supplies and lackluster U.S. export demand, analysts said.
United States corn and soybean crops continued to remain at whatever whims the weather brings, according to John Weyer of Walsh Commercial Hedging Services in Chicago.
Chicago corn futures extended gains on Tuesday on short-covering and U.S. crop condition questions, while soybean prices also turned higher on technical trading and unfavorable weather in some soybean growing areas of the central U.S., traders said.
Chicago September corn CU24 plunged on Friday to contract lows after U.S. Department of Agriculture data showed far more acres planted with the grain than expected due to favorable spring weather.