Soybean and corn prices in the future markets are easing but investors are still cautious as they want more evidence of improved crop output before the further reduction in prices. Chicago Board of Trade’s most active soybeans fell 0.5% to $13.41¾ a bushel at 0927 GMT, after falling 2.1% on Friday.
The International Grains Council cut its 2021/22 world wheat crop forecast by 1 million tonnes to 788 million tonnes, with the diminished outlook for North America only partially offset by improved prospects in the European Union. Traders await direction from the U.S. Department of Agriculture’s weekly U.S. crop condition ratings on Monday, and from private estimates of U.S. corn and soy yields, ahead of the USDA’s big Aug. 12 world supply/demand report.
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