Soybeans declined for a second day, trimming a second week of gains, on expectations that favorable weather would improve prospects of the crop in Brazil, the world’s top exporter. Wheat gained.
Soybeans for January delivery dropped as much as 0.3 percent to $13.09 a bushel on the Chicago Board of Trade and were at $13.1225 by 10:33 a.m. in Singapore. Futures are heading for a 1.3 percent advance this week, after climbing 3.6 percent in the previous five-day period.
Rain in southern Brazil next week will carry northward by the weekend and is expected to bring relief for drier soybean and corn in central and northeast areas, Commodity Weather Group LLC said in a report yesterday. There will be no sustained heat in Argentina and rains today may reach over half of the country’s corn and wheat, the forecaster said.
“As we get closer to the South American crop, better weather certainly helps,” said Graydon Chong, a grains and oilseeds analyst at Rabobank International in Sydney. “That will obviously impact prices looking toward the new crop.”
Corn for March delivery was unchanged at $4.365 a bushel, set for a 2.3 percent weekly gain for the most-active contract, the first such advance in four weeks. Futures touched a 38-month low of $4.155 on Nov. 8, amid forecasts that production in the U.S. will reach a record.
Wheat for March delivery increased 0.2 percent to $6.5675 a bushel, extending this week’s advance for futures to 1.1 percent.
To contact the editor responsible for this story: James Poole at firstname.lastname@example.org