SINGAPORE- Soybeans slid on Monday as the market took a breather after climbing to a six-week high earlier in the session, with floods in Brazil’s key growing state threatening to reduce supplies from the world’s top exporter.
Wheat prices slid 1.7 percent , giving up some of the recent gains, which were triggered by dry weather in top exporter Russia, while corn fell for the first time in four sessions.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.6 percent at $12.08 a bushel, after climbing to its highest since March 21 at $12.19 a bushel earlier on Monday.
Wheat fell 1.8 percent to $6.11-1/4 a bushel and corn lost nearly 1 percent to $4.56 a bushel.
The outlook for the soybean harvest in Rio Grande do Sul, which was on track to become the second-largest producer in Brazil behind Mato Grosso state, is deteriorating swiftly after torrential rains flooded fields, with about a quarter of beans to be reaped.
