Chicago wheat futures plunged to contract lows on Tuesday to approach their lowest point since 2020 as sinking corn futures and seasonal supply pressure from Northern Hemisphere harvests weighed on the market, traders said.
Chicago Board of Trade soybean futures finished flat on Friday but notched a second consecutive weekly decline as ample global supplies, favorable U.S. weather and weak Chinese demand hung over the market.
Chicago Board of Trade soybean futures fell on Thursday to their lowest level since April on beneficial U.S. crop weather and poor demand from China, analysts said.
Chicago Board of Trade soybean futures fell for the fourth consecutive session on Wednesday, dragged down by favourable weather across the U.S. Midwest and sluggish export demand, analysts said.
Chicago corn and soybean futures fell on Tuesday for a third straight session as forecasts for cooler Midwest temperatures this week and continued periodic rains reinforced expectations for ample U.S. harvests, analysts said.
U.S. corn futures hit a two-week low on Monday and soybeans also fell as market players continued to brace for large crops and forecasts called for milder, non-threatening weather in the Midwest production belt.
Chicago Board of Trade corn futures ticked up on Thursday on signs of short-covering and consolidation, with traders hopeful that President Donald Trump will get foreign buyers to purchase more U.S. farm goods, market analysts said.
Chicago Board of Trade wheat futures fell on Wednesday amid signs of profit-taking and reports of ample global supplies, which are outweighing concerns over smaller Russian crop estimates, market analysts said.
Chicago Board of Trade corn futures extended session losses on Tuesday, weighed down by forecasts for crop-friendly rain in U.S. grain belts this week.