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Soybeans at 2-week low, corn eases for 3rd session on U.S. weather

07/26/2021 | 12:14am EDT

* Forecasts of wet weather in U.S. Midwest weigh on corn, soy

* Slowing Chinese demand adds pressure on prices, wheat drops

SINGAPORE, July 26 (Reuters) - Chicago soybeans dropped on Monday to their lowest in two weeks while corn slid for a third consecutive session, as forecasts of wet weather in parts of the U.S. Midwest and slowing demand in top buyer China weighed on the prices.

Wheat lost more ground.

"The market continues to worry about the cancellation of some U.S. corn cargoes to China," Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia said.

"Also weighing was weather models' wetter projection for the north west of the U.S. Midwest."

The most-active soybean contract on the Chicago Board Of Trade (CBOT) was down 1.4% at $13.33-1/4 a bushel, as of 0354 GMT, near the session low of $13.33 a bushel, the weakest since July 12.

Corn lost 0.9% to $5.38 a bushel and wheat dropped 1.1% to $6.76-3/4 a bushel.

The U.S. Agriculture Department said net export sales of corn totalled -40,800 tonnes in the week ended July 15, largely due to cancellations from China.

Weather models indicate cooler weather across key U.S. growing regions, aiding soybean and corn crops.

China's soybean imports are set to slow sharply in late 2021 from a record first-half tally, confounding expectations for sustained growth from the top global buyer and denting market sentiment just as U.S. farmers look to sell their new crop.

Russia's agriculture ministry said yields from the harvest of the country's wheat crop averaged 3.45 tonnes per hectare as of July 20, down from 3.47 tonnes a year earlier.

Large speculators raised their net long position in CBOT corn futures in the week ended July 20, regulatory data released on Friday showed.

The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and raised their net long position in soybeans. (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
COMMONWEALTH BANK OF AUSTRALIA -0.70% 99.64 End-of-day quote.21.35%
CORN FUTURES (C) - CBR (FLOOR)/C1 1.64% 525.5 End-of-day quote.7.80%
CORN?FUTURES (SETTLEMENT ONLY) (ZC) - CBR (FLOOR)/C11 -0.05% 468 End-of-day quote.0.00%
MSCI SINGAPORE (GDTR) 0.63% 6517.165 Real-time Quote.11.46%
S&P GSCI CORN INDEX 0.82% 433.0237 Delayed Quote.6.97%
S&P GSCI SOY BEANS INDEX 0.96% 511.5627 Delayed Quote.-2.82%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 0.00% 337.9 End-of-day quote.-22.63%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 2.25% 705.75 End-of-day quote.7.77%
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