Soybeans Decline as Rain Boosts South America Crops; Corn Rises
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Soybean futures fell to a 11-week low on speculation that rain will boost yield potential in South America, reducing demand for supplies from the U.S., the world’s biggest exporter. Corn rose.
Rain this week in southern Brazil and most of Argentina will improve soil moisture for planting and early crop development, Global Weather Monitoring said in a report today. Soybean production in Brazil may rise 19 percent from a year earlier to a record 79.1 million metric tons when harvesting begins in January, the consultant Celeres said yesterday.