CHICAGO, Sept 4 – U.S. soybean futures fell for a third straight day on Thursday to a 2-1/2 week low as a lack of sales to top importer China weighed on the market and U.S. farmers prepare to harvest a large crop. Corn was mixed amid expectations of a record-large U.S. crop and spillover pressure from lower soybeans, while bargain buying and technical support kept a floor under prices. Wheat, meanwhile, fell to fresh contract lows on ample global supplies. Corn and soybean prices have been generally weakening this week despite concerns that U.S. government production forecasts have not adjusted for yield declines from disease pressure in pockets of the Midwest farm belt.
Still, the corn harvest is projected to shatter previous records while the soy crop is likely to be among the largest ever. A lack of new-crop U.S. soybean purchases by China, against a backdrop of trade tensions between Beijing and Washington, is clouding the demand outlook. A summit of leaders from the “Global South” led by Chinese President Xi Jinping in Beijing this week further stoked doubts of a swift resolution to the trade conflict. “There’s all the talk that maybe the crop is a little bit smaller than we were thinking at the beginning of August, but if we’re not going to have any export business to China, well, it doesn’t matter,” said Ted Seifried, chief strategist for Zaner Ag Hedge. The U.S. Department of Agriculture is due to release weekly export sales data early on Friday. Chicago Board of Trade November soybeans were down 4 cents at $10.27-1/2 a bushel by 10:52 a.m. CDT , the lowest level since August 12. The contract broke through technical chart support at its 100- and 200-day moving averages, but held support around its 50-day average. December corn was 1/2 cent higher at $4.18-1/2 a bushel after holding chart support at its 50-day moving average. CBOT December wheat hit a contract low of $5.14-1/2 a bushel and was down 4-1/2 cents at $5.17-1/2. The lightly traded spot September contract came within 3/4 cent of its contract low while all other contracts hit lifetime lows.
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