Analysts said that corn and soybean futures in the US tumbled to three-year lows on Thursday on expectations of oversupply in South America, and concerns about demand.

Wheat futures were volatile, garnering support from anticipation of additional US sanctions on Russia, the world’s top wheat producer.

Corn and soybean futures sustained heavy losses throughout the year in the Chicago Exchange as the harvests proved resistant in South America despite difficult weather.

The Buenos Aires Grains Exchange said in a report this week that expected rainfall in the next few days in the Pampas region in Argentina will boost the soybean and corn crops there.

It’s expected that soybean harvests will reach 49.5 million tonnes, while corn will reach 57 million tonnes this year in Argentina, a big improvement from last year.

US corn harvest also spiked in 2023, in turn increasing grain inventories, while weaker Chinese demand on animal fodder hurt prices.

IKON Commodities analysts in Sydney expect more extensive losses as South American harvests continue to expand and be exported worldwide.

Corn

Corn May futures slid 1.2% by the end of the session to $4.18 a bushel.

Soybean

Soybean futures due in May fell 1.1% today to $11.52 a bushel.

Wheat

Wheat May futures rose 0.2% at the close to $5.79 a bushel.