This Tuesday, February 13, 2024, soybean and corn futures prices fell in Chicago. They are nearing their lowest levels in three years

The most active soybean contract on the Chicago Board of Trade (CBOT) was down 0.3% at $11.90 per bushel at 01:12 GMT, close to last week's low of $11.79 per bushel at 01:12 GMT, close to last week's low of $11.79. Soybeans are under pressure after the U.S. Department of Agriculture (USDA) cut its soybean harvest forecasts in Brazil less than expected and raised its global supply forecasts to the highest level ever recorded. According to Arlan Suderman, an analyst at StoneX, soybeans from Brazil, the main producer, “are trading at a significant discount compared to the American market while the abundance of supply is heading towards export

Pour sa part, CBOT corn fell by 0.2% to 4.29-1/2 dollars per bushel, a hair's throw from the lows of 4.28 dollars reached last Monday and Friday. Agrural consultants raised their forecasts for the second Brazilian harvest of 2023/24 to 91.2 million metric tons, up from 86.3 million tons

Wheat also fell slightly, as the fall in Russian grain prices kept the market under pressure. Wheat fell by 0.1% to 5.96-3/4 dollars per bushel, some distance from the lowest level last September (5.40 dollars). The agricultural consultancy IKAR reported that wheat export prices in Russia, the main exporter, fell again last week