Soybeans fell from a two-month high in Chicago as investors weighed the benefit for developing crops of rains in Brazil and Argentina against signs of increased demand for U.S. supplies.
Soil-moisture levels in Argentina are aiding growing crops, while scattered rains this week will maintain adequate moisture, DTN wrote in a report yesterday. North-central parts of Brazil had rain over the weekend that helped boost moisture there, MDA Information Systems LLC said.
"Prices were mostly pressured by the good start to the soybean growing season in South America," Vanessa Tan, an analyst at Phillip Futures Pte in Singapore, wrote in an e-mail. "We saw significant support due to signs of strong export demand for U.S. soybeans."
Soybeans for delivery in January dropped as much as 0.4 percent on the Chicago Board of Trade and lost 0.1 percent to $13.2775 a bushel at 4:51 a.m. local time. Yesterday the oilseed touched $13.345, the highest price since Sept. 20.
Inspections of soybeans for export jumped 39 percent from a year earlier to 66.93 million bushels in the week ended Nov. 21, the U.S. Department of Agriculture said yesterday. Shipments since Sept. 1 rose 5.9 percent from a year earlier to 585.6 million bushels, USDA data show.
Soybean futures dropped 5.8 percent this year as global output may climb to a record 283.5 million metric tons, spurred by bigger South American harvests, the USDA predicts.
Argentina’s soybean crop was 37 percent planted, the Rosario Grains Exchange reported Nov. 21. Soybeans in Brazil’s Mato Grosso state, the country’s biggest growing region, were 97 percent sown as of Nov. 22, according to researcher Instituto Mato-Grossense de Economia Agropecuaria.
Corn for delivery in March declined 1 percent to $4.27 a bushel and wheat for the same delivery month fell 0.6 percent to $6.5525 a bushel. Milling wheat for delivery in January traded on NYSE Liffe in Paris dropped 0.4 percent to 206.50 euros ($279.76) a ton.