Feb. 19 (Bloomberg) -- Soybeans fell from a five-month high on signs of slowing demand from U.S. and overseas consumers. Corn and wheat rose.
U.S. soybean processing fell 5.1 percent to 156.943 million bushels last month from December, the National Processors Association said yesterday in data released by Thompson Reuters Corp. The amount of oilseed inspected for export in the week ended Feb. 13 slid 6.1 percent from a week earlier. Through yesterday, prices climbed 4.3 percent this year as drought threatened crops in Brazil, the world’s biggest exporter.
"The usage on soybeans has been unsustainably high," Dave Marshall, a farm-marketing adviser at Toay Commodity Futures Group LLC in Nashville, Illinois, said in a telephone interview. "Maybe a reality check was in the cards. We probably ran into some profit-taking. We’ve had a pretty good run."
Soybean futures for May delivery dropped 0.6 percent to $13.3975 a bushel on the Chicago Board of Trade at 12:27 p.m. Prices earlier touched $13.585 a bushel, the highest since Sept. 19.
Wheat futures for May delivery climbed 0.6 percent to $6.11 a bushel. As much as 15 percent of crops in Missouri, Illinois, Indiana, Ohio and Michigan, face the risk of damage from subzero temperatures late next week, according to Commodity Weather Group. About 44 percent of the Texas winter crop is in poor or very-poor condition, the state’s Department of Agriculture said yesterday.
"The winter-wheat crop is winter-weather weary," Marshall said. "It’s a crop that’s going to show up as more brown than green over the next few days."
Corn futures for May delivery gained 0.8 percent to $4.59 a bushel, heading for a fourth straight increase.
--Editors: Millie Munshi, Patrick McKiernan
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