Grain and soybeans futures prices retreated Wednesday on the Chicago board of trade amid little new export news. Soybeans futures prices initially gained on strong soybean oil prices tied to good world demand for vegetable oils. But investors became increasingly concerned about record U.S. supplies and the prospect of record brazilian supplies out of the Southern American country^’s harvest this month.
"Beans is a waiting game for south America," said Mick. "We all know it's around the cor-ner.""Buyers of soybean products are likely to wait for prices to come down before entering the market because of the expected record supplies".
Wheat futures retreated on ideas that recent gains were overdone. Traders said the agriculture department's decision last week to expand its export subsidy program is useless unless major buayers like China ship the grain they have bought.