Soybeans Gain for Second Day as Rain Seen Slowing U.S. Harvest
Soybeans advanced for a second day on concern that rains will slow harvests in the U.S., the world’s largest producer.
The contract for delivery in November gained as much as 0.3 percent to $12.7675 a bushel on the Chicago Board of Trade, before trading at $12.7425 at 11:11 a.m. in Singapore.
Showers may cause some delay in the oilseed harvest in the U.S. central and eastern parts today and tomorrow, Commodity Weather Group said in a report e-mailed yesterday. The main concern is for the pace of soybean and cotton gathering in the Delta in the next two weeks, it said.
“Rains in the U.S. will likely delay soybean production, supporting prices,” said Kazuhiko Saito, chief analyst at Tokyo-based commodity broker Fujitomi Co. The U.S. and Argentina are the world’s biggest exporters of the oilseed after Brazil.
Wheat for delivery in December was little changed at $6.92 a bushel. Corn for delivery in December dropped 0.2 percent to $4.3625 a bushel, falling for the third day in four. U.S. production is expected to rise 28 percent to a record this year.
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