CHICAGO: US soybean and corn futures declined on Wednesday, retreating from early strength as updated weather forecasts scaled back some of the Midwest heat predicted in previous models, easing fears of crop stress, analysts say.
Market players were also booking profits after the US Department of Agriculture confirmed private sales of 472,000 tonnes of US soybeans to China.
Rumours of such deals had swirled for days.
Reuters reported that China’s state grain trader COFCO bought at least 10 cargoes, or roughly 600,000 tonnes, of US soybeans this week.
The business has boosted hopes that Beijing may work toward a target of 25 million tonnes of US beans annually, as announced by Washington under a trade truce between the world’s two biggest economies.
On the Chicago Board of Trade, November soybeans settled down 5-1/2 US cents at US$11.92-1/4 per bushel, retreating from a rise early in the trading session to US$12.04, the contract’s highest since May 20.
CBOT December corn ended down eight US cents at US$4.56-1/4 per bushel after climbing to US$4.65-3/4, its highest since June 3.
Wheat followed corn and soybeans lower, with the benchmark September contract finishing down 10-3/4 cents at US$6.07-3/4 a bushel, pulling back from a one-month high of US$6.27. — Reuters