Chicago grains extend fall after USDA data; soybeans below $10

Chicago soybean, corn and wheat futures extended losses on Wednesday to new multi-week lows, with soybeans dropping below the psychological $10 threshold, after U.S. grain data underscored ample supply at a time of stalled Chinese demand. The most-active soybean contract on the Chicago Board of Trade ZS1! was down 0.6% at $9.96-1/4 a bushel as of 1058 GMT, after slipping below the $10 mark for the first time in seven weeks. CBOT corn ZC1! gave up 0.5% to $4.13-1/4 a bushel, after reaching its weakest since August 29. CBOT wheat ZW1! was 0.8% off at $5.03-3/4 a bushel, after reaching its lowest since August 14, when the benchmark set a five-year low. The U.S. Department of Agriculture’s widely tracked quarterly U.S. grain stocks estimates released on Tuesday weighed on prices by showing higher corn and wheat inventories than anticipated on average by analysts. While the soybean stocks estimate was slightly below the market consensus, the oilseed market faced spillover pressure from ...