SINGAPORE- Chicago corn futures eased on Thursday, trading close to three-year lows as all-time high production in top exporter Brazil and supplies from an early US harvest weighed on the market.
Soybean and wheat prices also fell, giving back some gains made on Wednesday.
“Large immediate supply of corn is likely to weigh on the market,” said Ole Houe, director of advisory services at Australian agricultural brokerage IKON Commodities.
“There excess supply of feed wheat in the market.
The most-active corn contract on the Chicago Board of Trade (CBOT) lost 0.1 percent at $4.85-1/4 a bushel, not far from $4.73-1/2 a bushel, the lowest since Dec. 2020, reached last month.
Prices have dropped nearly 30 percent so far this year.
