Soybean futures remained pointed lower to end the week amid forecasts for much-needed rain for the Brazilian soy crop. Corn and wheat both declined as well.
Showers and thunderstorms are expected in Brazil’s central and northeastern production regions beginning this weekend and potentially lasting into early December. But while most areas are expected to see relief, the latest outlook from World Weather Inc suggests the rain still won’t restore depleted moisture levels back to normal. Meanwhile, drier weather is expected in the waterlogged southern areas, although that may not last. January beans dropped 20 cents to $13.40 ¼, and March was down 18 ½ cents at $13.56 ½.
Profit taking and the forecasted moisture for Brazil weighed on corn, with traders reportedly anxiously waiting to see just how much rain actually falls. December corn lost 7 ¾ cents to $4.67 and March was 8 cents lower at $4.85 ¼.
Wheat was pressured by a lack of fresh news and improving global supply prospects. Better yields are expected in Australia following recent rainfall and EU crops are also showing improvement. December Chicago eased 2 ¾ cents to $5.50 ¾, December Kansas City was down 9 ¼ cents at $6.18, and December Minneapolis was 10 ½ cents lower at $7.15 ½.
