US soyabean futures fell for the second day in a row on Tuesday, pressured by improving weather for harvest in the US Midwest as well as rain forecasts that will boost early crop development in Brazil, traders said. "We are leaking lower," said Brian Rydlund, a broker at CHS Hedging. "We have got guys (farmers) really getting after the beans, which pressures the market a bit. Brazil been noticeably dry and it looks like that pattern is going to change."
Wheat futures edged higher, finding support from technical buyers near the low hit on Monday, while corn was close to unchanged. At 9:52 am CDT (1452 GMT), Chicago Board of Trade soyabeans for November delivery were down 5-1/2 cents at $9.85-1/2 a bushel. CBOT December wheat futures were up 1 cent at $4.37-1/2 a bushel and CBOT December corn was 1/2 cent lower at $3.50 a bushel.
The outlook for dry weather in the US Midwest added some pressure to the beans as farmers were expected to catch up to their typical harvest schedule in the coming weeks. Wet conditions have prevented some farmers across the region from accessing their fields in the past week. The USDA said in its US crop report on Monday that 29 percent of US corn has been harvested as of Sunday, behind market expectations of 31 percent, and up only 7 percentage points from the previous week. Harvesting of the US soyabean crop was 49 percent complete, matching analysts' expectations.
Comments
Comments are closed.