Corn declined in Chicago, trading near a four-year low, on expectations that a bumper U.S. harvest will maintain ample global supplies. Soybeans were little changed.
US FOB Gulf soyabean basis offers were mostly firmer on Tuesday on rising demand from China for post-harvest shipments and light farmer selling following recent steep price declines, traders said.
European wheat futures hit a contract low on Monday, extending last week's losses on bearish supply data, as forecasts for drier weather in France also weighed on prices.
Zimbabwe's 2014 harvest for the staple maize rose 82 percent to 1.46 million tonnes, enough to meet annual domestic consumption for the first time since 2003
Democratic Republic of Congo has launched its first agricultural business park, the initial step in a plan to use its vast tracts of arable land to produce food, create jobs and wean the economy off its dependence on mining.
US FOB Gulf corn and soyabean basis offers were mostly steady on Monday, with importers cautious about committing to fresh sales after a violent move in prices, traders said.
Russian wheat was offered lowest at $308.58 a tonne c&f free out (ciffo) in the tender from Iraq's state grains board to buy at least 50,000 tonnes of hard wheat which closed this week, European traders said on Tuesday.
Soybeans traded near the lowest level since 2010 on the outlook for increasing global supplies and as forecasts for mild temperatures boosted optimism over US growing conditions.
World grain prices probably will decline in the next year or two as farmers boost production at a faster rate than demand rises, the Organization for Economic Cooperation and Development and the United Nations said.
Soybean futures capped the longest slump in 41 years after a government reported showed supplies will climb in the U.S., the world’s biggest grower. Corn fell to a four-year low.
An upcoming river lock repair project in south Chicago has attracted the attention of exchange operator CME Group because the lock's closure could disrupt deliveries against its Chicago Board of Trade grain and soybean futures contracts.
US new-crop corn futures on Wednesday fell for a seventh straight session, the market's longest slide in a year, and set new contract lows as forecasts for nearly ideal crop weather raised expectations for record harvests.
India's fiscal situation is worse than it appears, Prime Minister Narendra Modi's government said in an economic report on Wednesday that called for tough measures to shore up public finances and reduce inflation.
The prospects for 2014 indicate an above average EU cereal harvest for the second year in a row and record level of cereal exports for marketing year 2013/14, according to the Commission's Summer 2014 Short-Term Agricultural Outlook.
Weather forecasts maintained hope for US corn production prospects as crops entered the key pollination period in historically strong condition, with soybeans and spring wheat seen thriving too.
U.S. corn stayed at 75% good to excellent, as expected, for the week ended Sunday, with the excellent rating up 1 point to 21 percent and good down1 point to 54%, USDA said in its weekly crop condition report.
Soybean stockpiles in Brazil, the world’s top exporter, have declined from last year even after farmers harvested a record crop because of increasing demand from overseas buyers, Oil World said.
