By Mark Weinraub
CHICAGO, Aug 4 (.) – US corn and soybean futures saw sharp declines on Tuesday, as the market focused on expectations of extraordinary harvests in the country’s midwest this fall due to rain forecasts in important cultivation areas, according to operators.
* Continuously, corn futures have fallen to their lowest level since June 29, while soybean futures have touched their bottom since July 15. Corn futures for December hit record lows.
* Wheat futures also sank and the most active contract on the Chicago stock exchange lost 2.4% to its lowest level since July 8, amid bleak export prospects.
* “Globally, there is a lot of wheat in the world,” said Mark Schultz, chief market analyst at Northstar Commodity.
* Chicago corn futures fell 8.25 cents to $ 3.2025 per bushel, while soybean futures for November fell 14.50 cents to $ 8.8175 per bushel.
* September mild winter red wheat fell 12.75 cents to $ 5.0825 per bushel.
(Report by Gus Trompiz in Paris and Naveen Thukral in Naveen. Edited in Spanish by Rodrigo Charme)