Chicago wheat and corn fall to one-month lows

On Friday, September 25, wheat, corn and soybean futures in Chicago moved lower, with wheat and corn falling to their lowest levels in about a month. During trading, wheat lost as much as 2.5%, corn fell up to 1.8%, while soybeans declined by as much as 1%.

Soybean futures fell for a fourth consecutive session, the longest losing streak since June. Market pressure increased amid a lack of new signals pointing to a significant expansion in demand for US grains and oilseeds.

At the same time, Chinese purchases of US soybeans are continuing. State buyers have already completed more than half of the annual 25 mln ton target, while purchases of other agricultural products are progressing more slowly.

Weakness in the soybean complex also spilled over into vegetable oils. Palm oil futures in Kuala Lumpur fell by as much as 2.2% during trading, following declines in US soyoil prices.

Further price direction for grains and oilseeds will depend on new signals from export demand. For now, the absence of additional large purchases continues to pressure Chicago wheat, corn and soybean futures.

Tags: corn, prices, wheat, futures, Chicago