Weak export demand also weighed on corn and wheat markets as investors were wary of an economic downturn.
“Markets for grains and oilseeds are trading weak…reflecting heightened fears that global recession woes could erode demand for food and energy-based commodities in coming months,” Arlan Suderman, chief commodity economist at brokerage StoneX, said in a research note.
Soybean prices in Chicago, Thursday, October 6
Soybeans for November it fell 1.2% to $497.32 a ton. Continuously, the most active contract reached its lowest level since July 25.
“It is difficult for the market to recover much in a harvest context and there are still concerns about Chinese demand”said Tomm Pfitzenmaier, an analyst at Summit Commodity Brokerage.
Soybean export sales totaled 777,100 tonnes in the week ending September 29, down 23% from the previous week, the US Department of Agriculture said on Thursday.
Corn price in Chicago, Thursday, October 6
December corn futures were down 1.8% at $264.66 a tonne.
Corn export sales, at 227,000 tonnes, were down 56% from a week earlier and below the low end of market expectations, the Agriculture Department added.
Overseas demand for U.S. corn and soybeans typically increases during the harvest, but water shortages in the southern sections of the Mississippi River have halted most shipping traffic, driving up barge prices.
Wheat price in Chicago, Thursday, October 6
December soft red winter wheat sank 2.8% to $322.51 a tonne.
Weekly wheat export sales totaled 229,400 tonnes, near the lower end of expectations.
Source: Ambito
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