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Chicago corn, soybeans, wheat open lower amid expectation of ample supply

Chicago corn, soybean and wheat futures opened lower on Wednesday amid expectation of higher U.S output of corn and soybean and better yield in Russian wheat.

The most-active corn contract on the Chicago Board of Trade(CBOT) Cv1 slipped 0.24% to $4.07-1/2 a bushel by 0254 GMT, a third consecutive session of losses. Chicago soybeans Sv1 was down 0.44% at $10.75-1/4 a bushel, the lowest since November 2020, while CBOT wheat Wv1 fell 0.26% at $5.7-1/2 a bushel.

“Corn has been in a bit of a downtrend since the acreage report showed higher than expected acres for corn,” a Singapore-based trader said.

Analysts estimated U.S. corn production would be higher than the U.S. Department of Agriculture’s previous estimate, a Reuters poll showed. The USDA is scheduled to release the report on Friday, July 12, at 12 p.m. EDT (1600 GMT).

“Moreover, the weather for both beans and corn in the U.S. has been pretty good so far and hence the higher crop expectations are driving prices lower,” the trader said.

However, analysts estimated South America corn and soybeans output will be lower than USDA estimate in June, a Reuters poll showed.

Wheat prices have been stable, but pressure remains as demand is still quite tepid and initial forecasts from Russia indicate better yields in the south, the trader said.

European Union soybean imports in the 2023/24 season that started in July had reached 13.08 million metric tons by June 30, compared with 13.07 million tons a year earlier, data published by the European Commission showed on Tuesday.

Soft wheat exports from the European Union since the start of the 2023/24 season in July had reached 31.00 million metric tons by June 30, compared with 31.60 million a year earlier, data by the European Commission showed.

France’s main wheat crop is expected to fall by 15% this year to its lowest level since 2020 after months of heavy rain reduced planting and hurt yield potential in the EU’s top exporter of the cereal, the country’s farm ministry said on Tuesday.
Source: Reuters (Reporting by Bernadette Christina; Editing by Mrigank Dhaniwala)

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