Soybeans hits near 1-week low as rains aid U.S. crops

U.S. soybean futures fell as much as 1% to hit a near one-week low on Thursday as concerns about U.S. crops eased.

Corn fell for the first time in four sessions, while wheat also edged lower.

The most-active soybean futures on the Chicago Board of Trade fell 0.6% at $13.77-1/4 a bushel by 0446 GMT, near the session low of $13.68-3/4 a bushel – the lowest since June 18. Soybeans closed down 0.7% on Wednesday

“North American weather has been more crop friendly,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

Fears over the state of U.S. crops have eased in recent days after rains across the Midwest.

Losses have been checked, however, by recent Chinese demand.

Corn futures were down 0.8% at $6.59-1/4 a bushel, having gained 0.7% in the previous session.

Wheat futures slid 0.5% at $6.60-1/4 a bushel, having closed up 1.3% on Wednesday.

Wheat is under pressure amid ample global supplies.

Russia, the world’s largest wheat exporter, started harvesting its 2021 grain crop on Wednesday with bright prospects for another year of large production.

Sovecon, one of the leading agriculture consultancies in Moscow, on Wednesday raised its forecast for Russia’s 2021 wheat crop by 2.2 million tonnes to 84.6 million tonnes. Russia harvested 85.9 million tonnes of wheat in 2020.
Source: Reuters (Reporting by Colin Packham; editing by Uttaresh.V)

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