The rains will improve yield prospects for late season corn and soybeans, the exchange said in its weekly crop report today. Drought damage has reduced potential yields of early season soybeans by between 15 percent and 25 percent, it said.
A front will bring more stormy weather to the Pampas by March 5, the exchange said in a separate weather report today. February rains “were surprising in their abundance and expanse,” boosting yield prospects, the exchange wrote.
Soybeans fell from a five-month high and corn snapped a six-session rally on speculation rains will halt yield deterioration in South America. Brazil and Argentina are the world’s second and third-largest soybean exporters after the U.S.
Soybean futures for May delivery fell 0.1 percent to $13.2150 a bushel at 10:14 a.m. on the Chicago Board of Trade. Yesterday, the oilseed touched $13.2425, the highest for the most-active contract since Sept. 21.
Corn futures for May delivery fell 0.5 percent to $6.5450 a bushel in Chicago, heading for the first drop in seven sessions. Yesterday, the grain touched $6.615, the highest since Jan. 9.
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