Soybean futures fell for the third time in four days on speculation that rain next week in Argentina, the third-largest exporter, will improve planting conditions. Wheat and corn dropped.
About 80 percent of Argentina will get as much as 2 inches (5.1 centimeters) of rain next week, aiding dry soil, Commodity Weather Group LLC said in a report today. Crops in Brazil, the largest exporter last year, also will benefit from moisture over the next two weeks, the forecaster said. Argentine farmers planted 2.4 percent of fields as of this week, the Buenos Aires Grain Exchange said yesterday.
“The market is trading down with the improving weather forecasts,” Joe Vaclavik, the president of Standard Grain Inc. in Chicago, said in a telephone interview. “South America is expected to harvest record crops this year.”
Soybean futures for delivery in January dropped 0.8 percent to close at $12.935 a bushel at 1:15 p.m. on the Chicago Board of Trade, the biggest decline since Oct. 11.
The oilseed, used to make animal feed and cooking oil, rose for a second straight week on increased overseas demand. U.S. exporters sold 86 percent more soybeans in the week ended Oct. 3 as they did a year earlier and soybean-meal sales rose to the highest since before 1990, the U.S. Department of Agriculture said yesterday in a weekly report.
Wheat futures for December delivery slid 0.8 percent to $6.9075 a bushel in Chicago. Prices fell 2.1 percent this week, snapping a five-week advance, as rain boosted crop development in the Great Plains.
Corn futures for December delivery slipped 0.1 percent to $4.40 a bushel on the CBOT, capping a third weekly drop in four weeks.