Soybeans below $10/bushel for 1st time in seven weeks; corn, wheat down

Chicago soybean futures slid for a third consecutive session on Wednesday, dropping below $10 a bushel for the first time in seven weeks, as lacklustre demand for U.S. supplies and the harvest of a bumper crop pressured prices. Corn lost more ground, while wheat slid to its lowest since mid-August after the U.S. Department of Agriculture released a quarterly report showing bigger-than-expected inventories. “Soybean prices are testing lows we have not seen for several weeks,” said one oilseed trader in Singapore. “We don’t see a recovery in soybean prices as long as China remains out of the U.S. market.” The most-active soybean contract on the Chicago Board of Trade slid 0.7% to $9.95-1/4 a bushel as of 0223 GMT, the weakest since August 12. Corn gave up 0.3% to $4.14-1/4 a bushel and wheat fell 0.3% to $5.06-1/2 a bushel, the lowest since August 14. A lack of export demand for soybeans has been the primary factor weighing on futures. U.S. soybean exporters are missing out on ...