US soybean futures fell to their lowest level in nearly 14 months on Tuesday on better-than-expected weather conditions over a long holiday weekend and worries about export demand for new-crop supplies, analysts said. Corn and wheat futures were down about 2 percent on improving US weather outlooks.
As of 12:43 p.m. CDT (1743 GMT), Chicago Board of Trade July soybeans were down 13 cents at $9.13-1/2 per bushel after dipping to $9.10-1/2, the lowest for a most-active soy contract since early April 2016. CBOT July corn was down 7-1/2 cents at $3.66-3/4 per bushel and July wheat was down 10 cents at $4.28-1/4 a bushel. Soybeans fell as rains in the eastern US Midwest over the Memorial Day weekend were not as heavy as some had feared, and forecasts called for improving weather following excessive rains earlier this month.
Talk of poor crush margins in China, the world's top soybean buyer, raised concerns about export demand for US soy, although the US Department of Agriculture said private exporters sold 130,000 tonnes of US soybeans to unknown destinations. Brazil's recently completed, record-large harvest may crimp export demand for the soybeans that US farmers are planting now. Corn fell on improved weather outlooks, with the CBOT July contract hitting its lowest since May 19. But traders were awaiting direction from the USDA's first corn condition ratings of the season, due at 3 p.m. CDT.
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