SINGAPORE- Chicago soybeans were largely unchanged on Thursday after a two-day slide, as expectations of rains in Brazil’s parched oilseed producing regions continued to pressure prices.
Wheat jumped 0.7 percent , while corn futures gained ground.
“Soybeans are being driven by Brazilian weather forecasts which are showing some rains next week,” said one Singapore-based trader. “The wheat market is just recovering from last session’s losses as there is some buying interest at these levels.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) fell half a cent to $13.07 a bushel. Wheat rose 0.7 percent to $6.09-3/4 a bushel and corn gained 0.4 percent at $4.81-1/2 a bushel.
The soybean market is closely watching the weather in Brazil, where forecasts showed much-needed rains in the week ahead in central and northern parts of the country, after hot, dry conditions caused concern, analysts said. – Reuters
