Grain futures mixed; Soybeans decline on Midwest rain forecasts
Investing.com
Published Sep 10, 2013 06:16AM ET
On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD13.4813 a bushel, down 0.6%. The November contract settled 0.8% lower at USD13.5640 a bushel on Monday.
Prices of the oilseed traded in a range between USD13.4063 a bushel, the daily low and a session high of USD13.5275 a bushel.
Updated weather forecasting models pointed to much-needed rainfall across major soy-growing states in the northwestern Midwest during the next six-to-ten days, potentially improving crop conditions.
Soybean prices have been well-supported in recent weeks as lingering warm and dry weather in the U.S. Midwest fuelled concerns over crop conditions.
The U.S. Department of Agriculture will likely lower its soybean production estimate when it releases its monthly supply and demand report on September 12.
Market analysts expect the USDA to lower its U.S. soybean harvest estimate to 3.13 billion bushels, 3.7 percent below the agency’s August projection.
The USDA will likely cut its soybean yield projections to 41.2 bushels per acre, compared to 42.6 bushels per acre forecast in August.
Elsewhere on the CBOT, corn futures for December delivery traded at USD4.6363 a bushel, up 0.15%. The December corn contract ended down 1% at USD4.6340 a bushel on Monday.
Prices held in a range between USD4.6088 a bushel, the session low and a daily high of USD4.6425 a bushel.
They USDA is expected to lower its corn yield projection to 153.7 bushels per acre, down from the 154 bushels per acre forecast in August.
Meanwhile, wheat for December delivery traded at USD6.4263 a bushel, up 0.1%. The December contract settled 1% lower at USD6.4120 a bushel on Monday.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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Written By: Investing.com
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