GRAINS-Wheat, corn and soybeans fall again as abundant supply weighs on prices
CANBERRA, Oct 15 (Reuters) - Chicago wheat, corn and soybean futures resumed their declines on Wednesday as ample global supply and the threat of deteriorating relations between China and the United States hung over the markets.
FUNDAMENTALS
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 0.4% at $4.98-1/4 a bushel at 0044 GMT, with corn Cv1 falling 0.4% to $4.11-1/2 a bushel and soybeans Sv1 down 0.3% at $10.03-3/4 a bushel.
CBOT prices of all three crops have bumbled along for the last year or two near their lowest levels since 2020 after abundant supply unwound the rapid gains of 2021 and 2022.
Wheat slipped to a five-year low of $4.92-1/4 and corn to a seven-week low of $4.09-1/4 on Tuesday.
Top wheat exporter Russia is stepping up shipments after another large harvest, and Argentina and Australia are gearing up to reap big crops.
The U.S. is midway through harvesting what are expected to be a record corn crop and a large soybean crop, pouring new supply into the market.
Brazil, the biggest soy producer, is expected to reap a record 177.64 million metric tons of beans in the 2025/26 season, crop agency Conab said.
On Tuesday the U.S. and China began charging additional port fees on ocean shipping firms and U.S. President Donald Trump called a Chinese boycott of U.S. soybeans "an Economically Hostile Act" that could lead him to terminate some trade ties with China.
U.S. soybean exports are well behind last season's pace due to China's refusal to buy. Increased processing of soybeans in the United States has not been able to compensate for lower export demand.
Low U.S. corn and wheat prices have however pushed U.S. exports well ahead of last season's pace, despite corn shipments falling short of analyst expectations in the most recent week.
Meanwhile, an ongoing U.S. government shutdown continues to halt the release of crucial data on exports, demand and harvest progress, discouraging traders from making big moves in the market.
MARKETS NEWS
Wall Street closed mixed on Tuesday and gold touched a record high as investors weighed upbeat economic sentiment from the International Monetary Fund and Federal Reserve Chair Jerome Powell against revived U.S.-China trade tensions. MKTS/GLOB
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