(Bloomberg) – Soybeans fell as rain forecast for next week is seen aiding yields. Corn and wheat advanced.
Rain in the far northwestern and eastern Midwest will further improve moisture for late soybean growth, MDA Weather Services said in its 6-10 day outlook. Drier weather in the Delta will favor corn maturation and early harvesting, the Gaithersburg, Maryland-based forecaster said yesterday.
“There are very good weather conditions in the U.S. at the moment,” Michael Pitts, commodity sales director at National Australia Bank Ltd., said by phone from Sydney. “The market is now really looking at the weather and the crop conditions as we approach the harvest.”
Soybeans for November delivery dropped 0.4 percent to $10.52 a bushel at 4:38 a.m. on the Chicago Board of Trade.
U.S. yields will increase 4.8 percent to 45.4 bushels an acre this year from 2013, and corn will rise 5.4 percent to 167.4 bushels, the U.S. Department of Agriculture estimates. Farmers there will harvest a record 3.816 billion bushels of soybeans this year, compared with 3.8 billion estimated in July, it said Aug. 12.
Corn for December delivery rose 0.1 percent to $3.74 a bushel, the fifth consecutive advance. Wheat climbed 0.2 percent to $5.54 a bushel.
