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Soybeans Extend Advance on Concern of Rain Delays as Wheat Falls

11:45AM Oct 14, 2014

Soybeans increased for a second day on concern rain in the U.S. may delay harvesting. Wheat fell.

Rain and thunderstorms favoring southern and eastern Midwest areas will disrupt and delay harvesting, DTN said in a report yesterday. As of Oct. 5, 17 percent of U.S. corn and 20 percent of soybeans were harvested, trailing the prior five-year averages, U.S. Department of Agriculture data show.

“Rain in the U.S. is expected to slow harvest,” Australia & New Zealand Banking Group Ltd. wrote in a report today.

Soybeans for November delivery climbed 0.9 percent to $9.54 a bushel. Prices rose 2.5 percent yesterday. Corn was unchanged at $3.46 a bushel and wheat declined 0.6 percent to $5.0225 a bushel. In Paris, milling wheat futures were unchanged.

Corn slumped 18 percent and soybeans tumbled 26 percent this year as U.S. farmers harvest the biggest crops ever. Chicago wheat declined 17 percent this year while milling wheat dropped 23 percent.