Soybeans Extend Losses as Weather Boosts Crops in U.S., Brazil
Soybeans declined for a second day on speculation supplies in the U.S. and Brazil may expand as favorable weather boosts crops. Wheat traded near the highest since June as rain in Russia and snow in Ukraine may cut output.
Soybeans for November fell as much as 0.6 percent to $12.8125 a bushel on the Chicago Board of Trade and were at $12.835 by 9:59 a.m. in Singapore. Wheat reached $6.9975 a bushel yesterday, the highest since June 24, and was at $6.9425.
Farmers began planting soybeans in central Brazil after recent rains moistened soil for germination, according to a report by Hinsdale, Illinois-based researcher Soybean & Corn Advisor Inc. The U.S. Midwest will see dry weather that helps advance the harvest, said T-Storm Weather LLC in Chicago. The corn harvest was 12 percent complete on Sept. 29, while soybean collection was 11 percent done, government data show.
“Forecasts for favorable harvest weather in the U.S. and beneficial planting rains in South America weighed on CBOT soybean prices,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, wrote in a note today.
Brazil’s coming oilseed crop was 32 percent sold in advance, compared with 45 percent a year ago, said forecaster Safras & Mercado. Corn for December was little changed at $4.415 a bushel after retreating as much as 2.1 percent yesterday, the biggest intraday decline since Sept. 30.
The U.S. Department of Agriculture’s scheduled update of global supply and demand forecasts on Oct. 11 will be delayed by the government’s partial shutdown that began Oct. 1.
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