CHICAGO- Chicago soybean futures lost more than 1 percent on Wednesday as rain fell in Brazil, easing worries over the persistent dryness and heat that has plagued crops in the top exporting nation, analysts said.
Wheat rose on shipping concerns in the Black Sea after Russia’s strike on port infrastructure, while corn moved lower.
Showers in Brazil this week were expected to give soybean growing areas “modest relief,” before hot, crop-stressing conditions return next week, Commodity Weather Group said.
“You’re really not going to encourage a lot of folks to come in and go long when you have rain falling across a lot of the crop area,” said Angie Setzer, partner at Consus Ag Consulting.
Brazil’s soybean crop is expected to reach a record 161.6 million metric tons in 2023/24, agribusiness consultancy Agroconsult said, despite weather issues.
CBOT soybeans fell 20-3/4 cents to close at $13.56-1/2 per bushel.
The most-active wheat contract on the CBOT finished up 1-3/4 cents to $5.84-1/2 a bushel and hit its highest price since Nov. 9. – Reuters
