Crop Prices Extend Declines as Soybeans Tumble for Third Day
Category: Oilseeds
(Bloomberg) – Crop prices extended their declines with soybeans dropping for a third day on the Chicago Board of Trade as rains were forecast for parts of the U.S. Midwest.
Soybeans fell 1.9 percent to $15.395 a bushel, bringing the three-day loss to 8.7 percent, after declining to $15.38, the lowest since July 13. Wheat dropped 1.6 percent to $8.645 a bushel and corn declined 0.9 percent to $7.7125 a bushel. Soybean meal slumped 2.7 percent to $457 per 2,000 pounds.
Rain may fall in parts of Iowa and Illinois this week and next, and the Midwest might get showers in the next 11 to 15 days, reducing severe moisture deficits from the most-severe drought since 1988, Commodity Weather Group LLC in Bethesda, Maryland, said in a report.
To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net
