(BusinessWeek) – Soybeans rose in Chicago, rebounding from the lowest price in almost two months, on speculation rain in the U.S. will slow harvesting of the oilseed.
Stormy weather moving from the Rocky Mountains will bring rain, wind gusts and hail today from North Dakota to Texas, with the area of steadiest rain across South Dakota and into western Minnesota, AccuWeather Inc. wrote in a forecast. Rain in the Midwest followed by colder weather increases the risk of harvest delays, DTN wrote in an Oct. 11 report.
“Rains will slow down harvesting,” Vanessa Tan, an analyst at Phillip Futures Pte in Singapore, said by e-mail. “Changes in the weather will induce short-term swings in soybeans prices.”
Soybeans for delivery in November climbed 0.6 percent to $12.74 a bushel by 5:21 a.m. on the Chicago Board of Trade. The contract erased a drop as low as $12.6175, the lowest level since Aug. 16.
Wheat for delivery in December was little changed at $6.925 a bushel. Milling wheat for delivery in November traded on NYSE Liffe in Paris slipped 0.1 percent to 199 euros ($269) a metric ton.
Corn for delivery in December was unchanged at $4.3325 a bushel in Chicago after a fifth weekly retreat in six.
“Corn prices remained under pressure due to the effect of the harvest in the U.S., with yields that are turning out generally correct,” Paris-based farm adviser Agritel wrote in a market report.
