Soybeans, corn hover near 3-year lows as speculators bet on lower prices in the US

Chicago soybeans and corn futures rose on Monday but remained near three-year lows as demand in top importer China fell and speculators bet on further price declines. Wheat fell as cheap shipments from the Black Sea region continued to pressure prices. The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.4% at $11.88-1/4 a bushel by 0525 GMT, while CBOT corn Cv1 rose 0.2% to $4.30 a bushel. Both contracts fell last week to their lowest levels since December 2020, with soybeans touching $11.79 and corn $4.28-1/4. CBOT Wheat Wv1 dipped 0.3% to $5.94-3/4 a bushel, holding some distance above a three-year low of $5.40 reached last September. Supply of soybeans from South America is plentiful while demand in China weakens as a shrinking pig herd reduces the need for animal feed, said Vitor Pistoia at Rabobank in Sydney. “China imports roughly 60% of all exported soybeans. If they are not buying a lot, the price will fall,” he said, adding that the price ...