CHICAGO- Chicago Board of Trade grain and soybean futures fell to their lowest prices in more than a week on hopes that US crop weather will improve and Russia will ease its attacks on Ukraine’s grain facilities, analysts said.
Technical selling added pressure to prices.
Heading into August, the key period of development for US soybean crops, much of the country is expected to get a reprieve from significantly above-normal temperatures, the US Department of Agriculture said in a daily weather forecast.
Grain traders said they expect the USDA, in a separate report on Monday, will lower weekly condition ratings for corn and soybean crops because of recent heat.
“All eyes are on the weather daily,” said Don Roose, president of broker US Commodities.
The most-active soybean contract slid 15-1/2 cents to close at $13.82-1/2 a bushel, while front-month soybeans sank 45-1/4 cents to $14.86-3/4. Most-active corn ended down 12 cents at $5.30-1/4 per bushel, and wheat declined 8-1/2 cents to close at $7.04-1/4 per bushel. – Reuters
