Soybean Futures Rise as Wet Weather Delays U.S. HarvestJeff Wilson
Soybean futures rose on speculation the harvest will slow because of cold, wet weather in central areas of the U.S., the world’s biggest producer. Corn and wheat prices fell.
Southern Nebraska and central Kansas were at risk of frost or freezing weather this morning and may get frost tomorrow, National Weather Service data show. Western and northern areas of the Midwest had at least an inch (2.5 centimeters) of rain in the past week. The U.S. Department of Agriculture hasn’t issued data on crop conditions since the partial government shutdown began this month.
“Rains are delaying the harvest, reducing the supplies available for crushers and exporters,” Tim Emslie, the research manager at CHS Hedging Inc. in Inver Grove Heights, Minnesota, said in a telephone interview. “Farmers should be able to get back into fields later this week, so the rally may be limited.”
Soybean futures for November delivery gained 0.7 percent to close at $12.765 a bushel at 1:15 p.m. on the Chicago Board of Trade. The price has dropped 9.4 percent this year after South American output climbed to a record.
Soybean-oil futures in Chicago rose to the highest this month after U.S. inventories dropped.
Reserves at the end of September fell to 1.372 billion pounds from 2.063 billion a year earlier and 1.669 billion at the end of August, the National Oilseed Processors Association said yesterday.
Corn futures for December delivery declined 0.2 percent to $4.4275 a bushel. The price climbed 2.4 percent in the previous two days. The grain has plunged 37 percent this year on forecasts that U.S. production will reach a record 13.84 billion bushels, recovering from a drought in 2012.
Wheat futures for December delivery fell 0.6 percent to $6.815 a bushel. Earlier, the price touched $6.7825, the lowest for a most-active contract since Oct. 2. The grain has declined 12 percent this year.
Corn is the biggest U.S. crop, followed by soybeans, hay and wheat, government data show.