Soybeans closed the week down 69¢ from last week; wheat, down 65¢ in December and 61¢ in March; and corn, down 56¢. The Chicago Mercantile Exchange quotes fund selling this week and the perception that the crops were overbought as the main reasons for price weakness for all three.
Soybeans were also influenced by improving conditions in South America this week
Weather in the U.S. continues to be favorable for harvest into much of the Midwest, maintaining the rapid harvest pace. Corn also was hit by the higher than expected grain stocks figure.