(Businessweek) – Soybeans fell in Chicago on speculation warmer weather next week in the U.S., the biggest grower of the oilseed, will aid crop development amid expectations for record-high production.
Temperatures in the Midwest may turn higher in the coming six- to 10-day period, which would help improve corn and soybean development, DTN said yesterday. The world soybean harvest will rise 5.3 percent to a record 281.7 million metric tons in 2013-14, the U.S. Department of Agriculture forecast Aug. 12, trimming its outlook from 285.9 million tons a month earlier.
“Before the temperature increase expected next week, the weather forecasts predict the arrival of some rain, an element that supports a good development of the corn crops as well as soybeans,” Paris-based farm adviser Agritel wrote in a comment.
Soybeans for delivery in November declined 1 percent to $12.16 a bushel at 6:28 a.m. on the Chicago Board of Trade.
Corn for delivery in December added 0.3 percent to $4.4875 a bushel after slumping as much as 3.9 percent yesterday to $4.4575, the lowest since September 2010.
Wheat for delivery in December dropped 0.4 percent to $6.3925 a bushel. Milling wheat for delivery in November traded on NYSE Liffe in Paris declined 1.1 percent to 181.75 euros ($240.82) a ton and reached 181.25 euros, the lowest since December 2011.
