SINGAPORE – Chicago soybean futures fell on Wednesday, shedding gains from the previous session, with forecasts of more rains in Brazil this week likely to further improve the maturing oilseed crop.
Wheat and corn lost ground with investors in agricultural markets focussed on key US reports on Friday for a price direction.
“We are in weather market as far as soybeans are concerned,” said one Singapore-based oilseed trader. “Brazilian weather looks good for now with rains expected this week. But it going to turn dry after that.”
The most-active soybean contract on the Chicago Board of Trader (CBOT) was down 0.3 percent at $12.44-3/4 a bushel, after closing marginally higher on Tuesday.
Wheat fell 0.4 percent to $6.07-3/4 a bushel and corn gave up 0.1 percent to $4.58-3/4 a bushel.
Weather charts pointed to more rain in a swathe of Brazil this week before drier conditions return next week.
Recent rains have eased concerns over dryness, which had been threatening soybean crop yields in Brazil, the world’s No. 1 exporter of the oilseed.
