Soybeans Drop to 4-Week Low as U.S. Crop Recovers; Grains Fall
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Soybean futures dropped to the lowest in four weeks on speculation that U.S. yield potential may improve after recent rains and a reduced threat of freezing temperatures. Corn and wheat also declined.
Parts of the Midwest have received as much as 3 inches (7.6 centimeters) of rain in the past seven days, benefiting some late-maturing soybeans, Commodity Weather Group LLC said in a report today. Warm, drier weather next week will aid harvesting, the forecaster said. Futures rose as much as 21 percent since Aug. 7 as heat and dry weather spurred the government on Sept. 12 to cut its crop estimate 7.9 percent below a July forecast.